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