Michael Cannegieter (CRD #4740847) Has Customer Dispute Disclosures on FINRA BrokerCheck

Michael Cannegieter (CRD #4740847) is a broker with customer disputes on FINRA BrokerCheck. We reviewed his BrokerCheck report on January 27, 2026. It reflects four customer disputes. If you invested with Michael Cannegieter and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Michael Cannegieter’s FINRA BrokerCheck Report reflects four customer dispute disclosures. Summaries of two examples are below. Two additional customer disputes are listed on BrokerCheck.

On November 7, 2025, a customer alleged Michael Cannegieter failed to follow instructions for purchases and sales of certain exchange traded funds. Michael Cannegieter’s FINRA BrokerCheck report lists the product type as equity listed (common & preferred stock). The report states damages were not specified.

On June 9, 2009, a customer complained about the sale of auction rate securities. The complaint referenced market failures and illiquidity reported in February 2008. Michael Cannegieter’s FINRA BrokerCheck report lists a $400,000 settlement amount. The report lists his individual contribution amount as $0.

Rule Summary #1: FINRA Rule 5310 (Best Execution and Interpositioning)

FINRA Rule 5310 requires reasonable diligence to obtain best execution for customer orders. Complaints may focus on whether trades followed the customer’s instructions and how the orders were executed.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires recommendations to be suitable based on the customer’s investment profile. That profile includes risk tolerance, concentration, and time horizon. Complaints about risky bonds or complex products often raise suitability questions.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
2. Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
3. Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
4. Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on His FINRA BrokerCheck report, Michael Cannegieter:

Is currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Has passed the Securities Industry Essentials (SIE) exam. Michael Cannegieter has also passed Series 7 and Series 66.

Was previously registered with Banc of America Investment Services, Inc.

Kurta Law Can Help

If you have worked with Michael Cannegieter and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Misrepresentation and Omission

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.