Michael Thomas Damon (CRD #4501030) Has Customer Dispute and Criminal Disclosures on FINRA BrokerCheck

Michael Thomas Damon (CRD #4501030) is a broker with customer dispute and criminal disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 26, 2026. It reflects four customer dispute disclosures and one criminal disclosure. If you invested with Michael Thomas Damon and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Michael Damon’s FINRA BrokerCheck Report reflects four customer dispute disclosures. Summaries of two of those disputes are below. Two additional customer dispute disclosures are also reported on BrokerCheck.

On December 22, 2025, a customer alleged that variable annuity policies she purchased beginning in October 2023 were not understood at the time of sale. The claim also said related fees were not understood and that her net worth was not accurately captured. Michael Damon’s FINRA BrokerCheck says the complaint was denied on January 29, 2026. Damon’s statement says he denied the allegations.

On October 24, 2023, a customer alleged that variable annuities she purchased in or around July and October 2021 were not suitable for her financial situation. Michael Damon’s FINRA BrokerCheck says the complaint was denied on November 21, 2023.

Criminal Charges

Michael Damon’s FINRA BrokerCheck Report also reflects one criminal disclosure. A summary of that matter is below:

On July 30, 1999, Michael Damon was charged in Concord District Court in Concord, New Hampshire, with one count of manufacture, sale, and possession of a false ID, a class B misdemeanor. Michael Damon’s FINRA BrokerCheck states the matter reached a final disposition on November 2, 1999. BrokerCheck lists the outcome as a conviction with a $250 fine, which was paid in December 1999.

Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)

FINRA Rule 2330 applies to recommended purchases and exchanges of deferred variable annuities. It requires reasonable efforts to inform customers about features such as surrender charges, fees, costs, and market risk.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis to believe a recommendation is suitable for the customer. That review turns on the customer’s investment profile, including financial situation, objectives, and risk tolerance.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to 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 Damon:

Is currently registered with Eagle Strategies LLC and NYLIFE Securities LLC.

Has passed the Securities Industry Essentials (SIE) exam. Michael Damon has also passed Series 6, Series 65, and Series 63.

No previous securities firm registrations are reported on Michael Damon’s current FINRA BrokerCheck report.

Kurta Law Can Help

If you have worked with Michael Damon and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. A securities attorney can help you assess potential causes of action and determine whether your losses may be recoverable through FINRA arbitration or other avenues. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Unsuitable Investments

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.