According to FINRA, Michael Fasciglione has been suspended from association with any FINRA member firm for failure to comply with an arbitration award pursuant to FINRA Rule Series 9554.

The suspension began on February 3, 2025. When arbitration awards go unpaid, FINRA uses the Rule 9554 process to suspend the non-compliant individual, preventing them from working in the securities industry until they satisfy their obligation.

The underlying arbitration case was FINRA Arbitration Case #23-01840. The suspension remains in effect until the individual pays the award or reaches an agreement with the claimant.

What Investors Can Learn: Investors who file FINRA arbitration claims should understand that even if they win an award, collection is a separate challenge. Rule 9554 suspensions help by preventing non-paying brokers from continuing to work in the industry, but they do not guarantee payment. Investors may need to pursue additional collection remedies.