Did you lose money investing with Michael Jackson (CRD# 2784958)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Michael Jackson. If you suffered losses investing with Michael Jackson, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 13, 2020, Michael Jackson’s FINRA BrokerCheck Report contains the following:
Disclosure Events
4 Customer Dispute(s)
2 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017055684102
2 Employment Separation After Allegations
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Michael Dennis Jackson (CRD #2784958, University Place, Washington) December 10, 2018 – An AWC was issued in which Jackson was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Jackson consented to the sanctions and to the entry of findings that he exercised discretion by placing orders in a customer’s account without contacting the customer and obtaining her approval before placing the trades and without providing written notice to his member firm. The findings stated that the customer had deposited money in the account and gave her login credentials to Jackson who then placed orders in the account. The account had been opened with a different broker-dealer after the customer complained about losses in another account to Jackson’s firm. Jackson did not notify the broker-dealer that he was associated with a FINRA member firm before placing his initial order in the customer’s account. The findings also stated that Jackson exercised excessive trading in the customer’s account that was inconsistent with her investment objectives, financial situation and needs. Jackson logged into the customer’s account and placed orders with increasing frequency, repeatedly closing positions shortly after opening them. As a result of Jackson’s trading, the customer lost virtually all of her money. The suspension is in effect from December 17, 2018, through June 16, 2019. (FINRA Case #2017055684102)
Current and Previous Registrations
01/23/2009 – 11/10/2017 SECURITIES AMERICA, INC. (CRD#:10205) UNIVERSITY PLACE, WA
03/14/2001 – 01/23/2009 BRECEK & YOUNG ADVISORS, INC. (CRD#:40395) UNIVERSITY PLACE, WA
04/26/2000 – 03/06/2001 DONAHUE SECURITIES, INC. (CRD#:24330) CINCINNATI, OH
08/26/1996 – 03/31/2000 NATIONWIDE INVESTMENT SERVICES CORPORATION (CRD#:7110) COLUMBUS, OH
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Michael Jackson and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.