Michael Estes Allegedly Placed Unauthorized Trades

Michael Estes (CRD #: 4588902), a broker registered with Raymond James Financial Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on August 23, 2024. Details are provided below. 

Investor Allegations 

On June 17, 2024, an investor alleged that Michael Estes placed trades without investor approval and that were not in the investor’s best interest. The dispute was denied, but investors should know that firms can deny disputes without any external review. Investors can still recover losses following a denial. 

The investor sought $67,354.60 but the dispute was denied by the firm. Firms can deny disputes without any external review, and investors should know that they can still recover losses following a denial. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information 

Michael Estes has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• 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 
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

During his 21 years of experience, he has registered with 12 firms. These are the four most recent: 

• Raymond James Financial Services (CRD #: 6694) 
• Ameriprise Financial Services (CRD #:6363) 
• Investment Professionals (CRD #: 30184) 
• LPL Financial (CRD #: 6413) 

Kurta Law Can Help 

If you worked with Michael Estes and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.