Michael Archimede Allegedly Borrowed Money From Investors

Michael Archimede (CRD #: 5701306), a broker formerly registered with PFS Investments, has been permitted to resign from PFS Investments and barred by FINRA, according to his BrokerCheck record, accessed on July 30, 2025. Details concerning these allegations are provided below. 

Investor Disputes

In a pending dispute filed on April 28, 2025, an investor alleged that Michael Archimede borrowed money from them in November and December 2023. The client seeks $80,000 in damages.

In a dispute filed on June 20, 2024, Michael Archimede was named in allegations of negligence and negligent supervision. This dispute was settled for $156,000.

On November 9, 2023, an investor alleged that Michael Archimede borrowed funds from her and failed to pay her back. This dispute was settled for $66,646.47.

FINRA Rule 3240

FINRA Rule 3240 describes the circumstances under which brokers may borrow from or lend to clients.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems to achieve compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

FINRA Bar

On January 22, 2023, FINRA barred Michael Archimede following allegations that he refused to provide information and documents and to appear for one-the-record testimony as requested by FINRA, in violation of FINRA 8210.

According to a Letter of Acceptance, Waiver & Consent (AWC), FINRA was investigating allegations that he may have borrowed funds from a customer in connection with an investment in an offering of crypto assets away from his member firm.

The AWC concluded that the alleged refusal to provide information constituted a violation of FINRA Rules 8210 and 2010.

FINRA Rule 8210

FINRA Rule 8210 requires members to submit their books and records for inspection and to appear for testimony in connection with FINRA investigations.

Sanctions

Michael Archimede was barred by FINRA starting January 22, 2024.

You can read a copy of the AWC here. 

Permitted to Resign by PFS 

On December 31, 2023, Michael Archimede was permitted to resign by PFS Investments, allegedly while under review for potentially borrowing money from a customer.

Background Information

Michael Archimede has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 
• Series 26 Investment Company Products/Variable Contracts Principal Examination

During his 15 years of experience, he has only registered with PFS Investments. 

Kurta Law Can Help 

If you have worked with Michael Archimede and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.