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Investor Alleges Michael Chapman Executed Unauthorized Purchases

Michael Chapman (CRD #: 6335591), a broker registered with Wells Fargo Clearing Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on January 19, 2023. If you want to learn more about his alleged conduct as a broker, read on.

Investor Dispute

On December 1, 2022, an investor filed a dispute alleging that Michael Chapman altered his investment objectives, executed unauthorized securities purchases, and misrepresented the client’s losses between October 11, 2021, and the date of filing. This dispute is currently pending.

FINRA Rule 3260

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. Discretionary accounts must also be approved by the firm.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which prohibits the use of manipulative, deceptive, and otherwise unethical tactics to influence the purchase and sale of securities.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of many FINRA rules may also qualify as violations of FINRA Rule 2010.

Background Information

Michael Chapman has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Michael Chapman is a registered broker in 28 states and a registered investment adviser in Texas and Virginia.

He previously worked for Edward Jones (CRD#:250).

Kurta Law Can Help

If you worked with Michael Chapman 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.