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Did Michael Hulley Execute Unauthorized Trades in Investor’s Account?

Jan 19, 2022 Investor Disputes

Michael Hulley (CRD #:1352411), a broker and investment advisor registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in an investor dispute according to his BrokerCheck record, accessed on December 27, 2021. Keep reading for more details if you are concerned about Michael Hulley's conduct as a broker. 

Investor Allegations 

On November 10, 2021, a dispute was filed against Michael Hulley, alleging that he executed unauthorized trades on February 26, 2020. The dispute was denied, but investors should know that a denial does not necessarily mean the end of the dispute. You can still seek FINRA arbitration and recover your losses following a denial.  

Unauthorized trading or unauthorized transactions occur when a broker executes securities transactions without written authorization from their client. Unless an account has been approved for discretionary trading, a broker must always have written authorization from an investor before executing any trades.  

Which FINRA laws did Michael Hulley Violate? 

  1. FINRA Rule 3260(b) requires that brokers only execute trades without authorization in discretionary accounts. For non-discretionary accounts, investors must always seek their customer's written authorization.  
  1. Making unauthorized trades in or facilitating unauthorized withdrawals from a customer's account is a breach of the duty to observe high standards of commercial honor and just and equitable principles, in violation of FINRA Rule 2010. 

Background Information 

Michael Hulley has passed the following exams: 

  • Series 63 - Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 3 - National Commodity Futures Examination 
  • Series 7 - General Securities Representative Examination 
  • Series 8 - General Securities Sales Supervisor Examination (Options Module & General Module) 

Michael Hulley is a registered broker in 50 states, Washington D.C., and Puerto Rico. He is also a registered investment advisor in Utah and California. 

Besides Merrill Lynch, Pierce, Fenner & Smith, Michael Hulley has also worked with: 

  • UBS Financial Services (CRD#:8174) 

Kurta Law Can Help 

If you have worked with Michael Hulley and have concerns about your investments, don't hesitate to 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.