Michael Colombo, the President of StreetWide Asset Recovery Group, Inc., has 26 years of experience in debt collections for Wall Street brokerage firms. Throughout his career, the collection departments he has built and managed have generated high revenues, achieved significant recovery rates on both retail client and ex-employee debt, and rationalized expenditures for legal services. During periods of extreme market volatility and rapid employee turnover at brokerage firms, these services quickly have become profit centers for their firms.
Mr. Colombo, who joined GKN Securities in 1998, built and managed the firm’s first National Collections Department focusing on debt incurred by retail clients, ex-employees and outside vendors of there broker dealer. At GKN, Michael increased collection revenues to $ 6 million from $12,000.00, and reduced outside legal fees by 70%. He achieved this level of success in only 18 months.
Michael also managed the arbitration process for the firm, while enforcing and collecting post arbitration awards and judgments. In addition to arbitration, he was responsible for negotiating all settlements on ex-employee and client debt, averaging 90% of outstanding balances. He served on GKN’s Operating Committee and was a Vice President of the firm reporting directly to the CEO.
Throughout most of his career, Mr. Colombo has also worked directly with the FINRA's Office of Dispute Resolution, the New York Stock Exchange enforcement and arbitration divisions and the American Arbitration Association. Before joining GKN, he created the National Collections Department at Gruntal & Co., where collections increased 300% to $2 million annually from the firm’s earlier effort. At Gruntal, he managed all in-house collection efforts, and created monthly, quarterly and annual reports for senior management. He was employed by Gruntal & Co. from June 1996 to June 1998.
Michael began his debt collection career in 1983 at PaineWebber, Inc., where he was in charge of all in-house collections for the firm’s 270 retail branches and managed a staff of eight. Also, he supervised firm investigations and post-judgment/ arbitration award collection efforts. He left that firm having been one of the youngest ever to have been appointed with the title of Divisional Vice President.