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Michael Chaffee Allegedly Failed to Explain Investment

Michael Chaffee (CRD #: 1017449), a broker registered with LPL Financial, was the subject of a recent investor dispute, according to his BrokerCheck record, accessed on November 13, 2022. Investors may have also worked with him through Stratos Wealth Partners. Read on if you have questions about his conduct as a broker.

Investor Dispute

On August 29, 2022, an investor filed a dispute alleging that Michael Chaffee failed to explain the terms of an investment between February 23, 2022, and the date of filing. This dispute was denied by the firm.

However, investors should know that firms can deny disputes without permitting an external review. Investors may be able to recover their funds after a denial by seeking out FINRA arbitration.

FINRA Rule 2020

The omission of information related to investments violates FINRA Rule 2020, which prohibits the use of manipulation, deception, and other unethical tactics to influence the purchase and sale of securities. FINRA Rule 2020 also prohibits the omission of material information. 

Background Information

Michael Chaffee 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

Michael Chaffee is a registered broker in ten states and a registered investment adviser in Louisiana, Ohio, and Texas.

He has also worked for the following firms:

  • LPL Financial (CRD#:6413)
  • Lincoln Financial Advisors (CRD#:3978)
  • The Lincoln National Life Insurance Company (CRD#:2580)
  • Lincoln National Pension Insurance Company (CRD#:10293)

Kurta Law Can Help

If you worked with Michael Chaffee and you have concerns about your investments, please contact us today at 877-600-0098 or 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.