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State of Illinois Department of Insurance Fines Michael Brown

Feb 22, 2022 Investor Disputes

Michael Brown (CRD #:2544892), a broker formerly registered with National Securities Corporation, is the subject of a State of Illinois Department of Insurance fine, according to his BrokerCheck record, accessed on February 10, 2022. 

The State of Illinois Department of Insurance fined Michael Brown $1000 for violating Section 505.1 (a)(6) of The Illinois Insurance Code after allegedly endorsing a check to the Illinois Annuity & Insurance Comp without authorization.

Pending Investor Dispute

On December 23, 2021, Michael Brown was named in an investor dispute alleging negligence and breach of fiduciary duty. The investor is seeking $50,000.

If you suffered investment losses as a result of your financial advisor breaching a fiduciary duty, you could recover your losses in FINRA arbitration. Understanding what constitutes a breach of fiduciary duty comes with many years of handling these kinds of cases. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.

Tax Liens

Between 2011 and 2016, Michael Brown became the subject of four tax liens totalling $145,938.

Background Information

Michael Brown has passed the following exams:

  • 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

Besides National Securities Corporation, Michael Brown has also worked with the following firms:

  • Prime Capital Services  (CRD#:18334)
  • Legacy Financial Services (CRD#:38697)
  • Metlife Securities (CRD#:14251)  
  • Metropolitan Life Insurance Company (CRD#:4095)

Kurta Law Can Help

If you have worked with Michael Brown and have concerns about your investments, don't hesitate to contact us today 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 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.