Michael Leonard Whitaker (CRD #1739854) Has Customer Dispute Disclosures on FINRA BrokerCheck
Michael Leonard Whitaker (CRD #1739854) has been the subject of disclosure events, which have recently been reported on his FINRA BrokerCheck Report. According to Michael Leonard Whitaker’s FINRA BrokerCheck report accessed on January 20, 2026, Michael Leonard Whitaker has been the subject of thirteen customer disputes. If you invested with Michael Whitaker and you have concerns about his activity, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
Michael Whitaker’s FINRA BrokerCheck Report reflects thirteen customer dispute disclosures. Summaries of two of the disputes are below:
On June 18, 2025, clients asserted that they suffered financial losses related to investment recommendations involving alternatives (GWG). The dispute settled for $26,000, with no individual contribution reported for Michael Whitaker.
On November 18, 2025, a customer alleged breach of contract, breach of fiduciary duty, negligence, violation of federal securities laws, misrepresentations, and failure to supervise in connection with alternatives (GWG). The matter is pending in FINRA arbitration (Docket No. 25-02066, filed September 29, 2025), with alleged damages of $375,000.
BrokerCheck also reflects eleven additional customer dispute disclosures for Michael Whitaker.
Rule summary #1: FINRA Rule 2111 (Suitability)
FINRA Rule 2111 (Suitability) requires brokers and firms to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile and the facts of the recommendation.
Rule summary #2: FINRA Rule 3110 (Supervision)
FINRA Rule 3110 (Supervision) requires member firms to establish and maintain a supervisory system that is reasonably designed to achieve compliance with applicable securities laws and regulations and FINRA rules, including supervision of the activities of associated persons.
Why this Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.
Reg BI is built around four key obligations:
- Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
- Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
- Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
- Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.
Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.
Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on his BrokerCheck Report, Michael Whitaker:
- Is currently registered with Newbridge Securities Corporation and NFSG Corporation.
- Has passed the Securities Industry Essentials (SIE), Series 7, Series 6, and Series 63 exams.
- Was previously registered with firms that include Great American Advisors, Inc. and Uvest Financial Services Group, Inc.
Kurta Law Can Help
If you have worked with Michael Whitaker and you have concerns about his activity, Kurta Law may be able to help you evaluate potential recovery options. You may be entitled to pursue a claim through FINRA arbitration, depending on the facts of your situation and the investments involved. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
Helpful resources: Unsuitable Investments | Failure to Supervise
For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable—because investors should not have to sit quietly while alleged misconduct and securities fraud go unchecked. Start your recovery process today.