Michael Blackwell Facing VUL Dispute
Michael Blackwell (CRD #: 4560041), a broker registered with Park Avenue Securities, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on February 9, 2023. If you want to know more about his alleged conduct as a broker, read on.
Investor Disputes
On January 12, 2023, an investor alleged that Michael Blackwell executed an unsuitable securities transaction when he sold a variable universal life insurance policy in addition to fixed life insurance policies.
On July 25, 2022, an investor alleged that Michael Blackwell gave unsuitable investment recommendations. This dispute was denied by the firm.
Investors should be aware, however, that firms can deny disputes without an external review. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which describes the following investor characteristics:
- Age
- Financial goals
- Risk tolerance
- Time horizon (i.e., how long the investor plans to hold the investment)
- Investing experience
- Tax status
Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.
Background Information
Michael Blackwell has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Michael Blackwell is a registered broker in 33 states and a registered investment adviser in 31 states.
He has also worked for AXA Advisors (CRD#:6627) and Banc of America Investment Services (CRD#:16361).
Kurta Law Can Help
If you worked with Michael Blackwell and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.