Michael Finnie Enters Settlement with State of Virginia

Michael Finnie (CRD #: 2112495), a broker registered with Aegis Capitap Corp., recently entered a settlement with the State of Virginia, according to his BrokerCheck record, accessed on February 28, 2023. If you have questions about his alleged conduct as a broker, read on.

Regulatory Action by State of Virginia

On January 26, 2023, the Virginia State Corporation Commission alleged that Michael Finnie invested clients in securities they had no experience with and that these investments made up a significant portion of those clients’ assets.

The Commission further alleged that Michael Finnie re-invested clients’ returns rather than providing them to the clients as cash income as they had requested.

Michael Finnie entered a settlement with the Virginia State Corporation Commission and consented to a sanction of $1,500.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must consider the information contained in the investor’s profile, such as their age, risk tolerance, and tax status when recommending investments.

Some investment strategies may be unsuitable for certain clients. Overconcentration, for example, may expose an investor to an inappropriate level of risk.

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

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which restricts brokers from exercising their trading discretion outside pre-authorized discretionary accounts.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Tax Lien

On April 4, 2017, Michael Finnie was subject to a tax lien of $40,589.

Background Information

Michael Finnie has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

He is a registered broker in D.C. and Virginia. He is also a registered investment adviser in Virginia. 

In the past, he worked for the following firms:

• LPL Financial (CRD#:6413)
• J.W. Cole Financial (CRD#:124583)
• Securities America Advisors (CRD #: 110518) 
• Securities America (CRD#:10205)
• Raymond James Financial Services (CRD#:6694)
• Raymond James Financial Services Advisors (CRD #: 149018) 
• A. G. Edwards & Sons (CRD#:4)
• First Union Brokerage Services (CRD#:8112)
• Signet Financial Services (CRD#:17511)
• H.J. Meyers & Company (CRD#:15609)
• F.N. Wolf & Company (CRD#:13051)

Kurta Law Can Help

If you worked with Michael Finnie and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.