The Financial Industry Regulatory Authority has barred a Securities America rep who it said transferred $135,000 from a client's bank account to himself.

Michael Patrick Raineri, a registered rep in Seattle, had been registered with Finra since November 2020 as an investment company and variable contracts products representative through his association with Securities America. Before that, he had been associated with another firm, KMS Financial Services, since 2018, according to the SEC and Finra.

The Finra letter barring Raineri said he began paying personal expenses for the customer at the customer’s request as early as August 2018.

“Over time, Raineri caused the customer to pay him at least $135,000, ostensibly to reimburse Raineri for the payments he had made. The payments to Raineri, however, far exceeded the customer’s expenses Raineri had paid, and Raineri was not entitled to the extra funds,” Finra said. The customer complained to Securities America, and on March 2 of this year, the firm put the disclosure on his Form U4 filing.

Raineri has not returned a call for comment as of press time. On his BrokerCheck page, his response to the original complaint about the transfer was that it was “filed without financial professional's signature to avoid delay.”

Finra called this activity a conversion of customer funds, and said it violated Finra Rules 2150(a) and 2010.

Raineri accepted the bar without admitting or denying Finra’s findings.

Raineri worked at Cetera Advisors from 2012 to 2018 and before that had worked at Pacific West Securities since 2006, according to BrokerCheck, a site maintained by Finra. Beyond the current complaint, he had no other disclosures.

On his website, Raineri Financial, it says he is “responsible for strategy, portfolio design and implementation and monitoring portfolios for his clients.” The site said that he worked for two decades in banking and retail financial services before establishing Raineri Financial.