Joe Giamichael Permitted to Resign Following Allegations of Outside Businesses
Joe Giamichael (CRD #: 3248158), a broker registered with Revere Securities, has been permitted to resign by Benchmark Investments, according to his BrokerCheck record, accessed on September 15, 2021.
On July 19, 2021, Benchmark Investments permitted Joe Giamichael to resign following allegations that he was under investigation for violations of FINRA rules 3270 and 3280. FINRA Rule 3270 prohibits brokers from engaging in outside business activities and FINRA Rule 3280 forbids brokers from engaging in undisclosed private securities transactions.
There are four regulatory actions on Joe Giamichael’s record. The most recent is from July 25, 2017, when he became the subject of a Securities and Exchange Commission cease-and-desist order. Joe Giamichael and Umbrella Research had allegedly been paid to publish approximately 45 research reports on four issuers. They all included “buy” recommendations. The issuers alegedly paid Joe Giamichael and Umbrella in both securities and cash to draft and publish the reports. The reports allegedly did not disclose the compensation. Joe Giamichael also allegedly traded in the securities of the issuers. The SEC calls trading a security while recommending that same security to the public as “scalping.” Joe Giamichael and Umbrella allegedly earned $23,927 in net profits from the scalps.
The SEC fined Joe Giamichael $36,963.50 in civil penalties and fines.
Joe Giamichael Background Information
Joe Giamichael has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 65 Uniform Investment Adviser Law Examination
- Series 79TO Investment Banking Registered Representative Examination
- Series 7TO General Securities Representative Examination
- Securities Industry Essentials Examination
- Series 87 Research Analyst Exam – Part II Regulations Module
- Series 86 Research Analyst Exam – Part I Analysis Module
- Series 55 Limited Representative-Equity Trader Exam
- Series 7 General Securities Representative Examination
- Series 6 Investment Company Products / Variable Contracts Representative Examination
- Series 24 General Securities Principal Examination
Joe Giamichael has worked with the following firms:
- Benchmark Investments (CRD #:103792)
- I-Bankers Direct (CRD #: 167533)
- Newbridge Securities Corporation (CRD #: 104065)
- Global Hunter Securities (CRD #: 123003)
- Rodman & Renshaw (CRD #: 16415)
- CJS Securities Incorporated (CRD #: 8076)
- Knigh Securities (CRD #: 38599)
- Gilford Securities (CRD #: 8076)
- Signator Investors (CRD #: 468)
Kurta Law Can Help
If you worked with Joe Giamichael and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email firstname.lastname@example.org.