Investor Alleges Michael Elias Misrepresented Unsuitable Investment
Michael Elias (CRD #: 1522834), a broker registered with Centaurus Financial, allegedly made an unsuitable investment recommendation, according to his BrokerCheck record, accessed on October 15, 2022. If you want to learn more about his conduct as a broker, read on.
FINRA Rule 2020
FINRA Rule 2020 forbids the use of deceptive, manipulative, or otherwise fraudulent tactics to influence investors’ decisions. Misrepresenting an investment’s limitations, requirements, or other features violates this rule.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account a client’s risk tolerance, tax status, and other information contained in the investor’s profile.
Investors who rely on brokers for investment recommendations can seek out FINRA arbitration and potentially recover their losses.
Termination from Princor Financial Services Corporation
On January 30, 2013, Michael Elias was fired from Princor Financial Services Corporation after allegedly altering the date on an Electronic Funds Transfer (EFT) form and using a bank form pre-signed by a client.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Michael Elias has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Michael Elias is a registered broker in 12 states and a registered investment adviser in seven states.
He has also worked for the following firms:
- Packerland Brokerage Services (CRD#:37031)
- Princor Financial Services Corporation (CRD#:1137)
- Pruco Securities (CRD#:5685)
Kurta Law Can Help
If you worked with Michael Elias and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.