Michael Archimede Barred by FINRA and Permitted to Resign from PFS Investments
Michael Archimede (CRD #: 5701306) has been permitted to resign from PFS Investments and barred by FINRA following allegations he borrowed money from a client to invest in crypto assets. These allegations appear on his BrokerCheck record, accessed on February 9, 2024. Details concerning these allegations are provided below.
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. FINRA was investigating whether he borrowed funds from a customer in connection with his alleged investment in an offering of crypto assets away from his member firm.
You can read a copy of the bar here.
FINRA Rule 3240
Brokers are only allowed to borrow money from clients under limited circumstances. FINRA Rule 3240 states that brokers may borrow from or lend to clients if those clients are immediate family members.
FINRA Rule 3280
FINRA Rule 3280 requires brokers to provide written notice to their firm before engaging in private securities transactions. This includes selling away, which is the practice of brokers selling investments not offered or approved by their firm.
High Standards of Commercial Honor
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 3240 also violate FINRA Rule 2010.
Permitted to Resign by PFS
On December 31, 2023, Michael Archimede was permitted to resign by PFS Investments. The firm alleged that at the time of the termination he was under internal review based on allegations that he borrowed money from a customer. His termination filing corrected those allegations to show that he was permitted to resign during an internal review after he allegedly admitted to borrowing money from a customer.
Investor Dispute
On November 9, 2023, an investor alleged that Michael Archimede borrowed $52,482.12 from her and failed to pay her back.
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 14 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.
Loading...
Reload document 
Open in new tab