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Michael Ecker Named in Disputes Alleging Failure to Supervise

Jan 13, 2023 Failure to Supervise

Michael Ecker (CRD #: 824193), a broker registered with Center Street Securities, is the subject of two pending disputes, according to his BrokerCheck record, accessed on January 5, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On October 19, 2022, multiple investors filed a dispute naming Michael Ecker in allegations of failing to supervise, overconcentration, and unsuitability with regard to the sale of a private placement in 2013. They seek $280,000 in this pending dispute.

In a dispute filed on September 29, 2021, an investor named Michael Ecker in a dispute filed against Concorde Investment Services alleging failure to supervise and negligence with regard to purchases of GPB Automotive and GPB Waste Management in or around July 2017. The client seeks $200,000 in this pending dispute.

On March 17, 2021, an investor alleged that Michael Ecker facilitated the purchase of unsuitable and illiquid investments in a retirement savings account in 2016 and 2017. The dispute specifically names investments offered by GPB Holdings and The Lightstone Group. The client sought $140,000 in damages and received a settlement of $60,000.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems to maintain their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must take into account the information contained in an investor’s profile, such as their tax status, risk tolerance, and other investments.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

What qualifies as negligence?

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and excessive trading. Investors who feel their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information

Michael Ecker has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 52TO – Municipal Securities Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination
  • Series 52 – Municipal Securities Representative Examination
  • Series 1 – Registered Representative Examination
  • Series 24 – General Securities Principal Examination

Michael Ecker is a registered broker in six states.

He has also worked for the following firms:

  • Concorde Investment Services (CRD#:151604)
  • Kovack Securities (CRD#:44848)
  • Berthel, Fisher & Company Financial Services (CRD#:13609)
  • Questar Capital Corporation (CRD#:43100)
  • Thomas F. White & Company (CRD#:7661)
  • Toluca Pacific Securities (CRD#:13875)
  • Greenway Capital Corporation (CRD#:25152)
  • Investacorp (CRD#:7684)
  • USLife Equity Sales Corporation (CRD#:7962)
  • Michael Philip Securities (CRD#:17891)
  • G. A. Michele (CRD#:15960)
  • Shearson Lehman Brothers (CRD#:7506)
  • David Lerner Associates (CRD#:5397)
  • IDS Life Insurance Company (CRD#:6321)     
  • IDS Marketing Corporation (CRD#:6363)
  • Investors Diversified Services (CRD#:6320)

Kurta Law Can Help

If you worked with Michael Ecker 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.