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Michael Lioy Allegedly Made Unauthorized Mutual Fund Exchange

Feb 14, 2023 Unauthorized Trading

Michael Lioy (CRD #: 4219072), a broker registered with J.P. Morgan Securities, allegedly executed an unauthorized transaction, according to his BrokerCheck record, accessed on February 7, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On October 5, 2022, an investor alleged that Michael Lioy executed an unauthorized mutual fund exchange within the same fund family on December 9, 2021. The client seeks $150,000 in this pending dispute.

FINRA Rule 3260

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. The firm must also approve the designation of an account as discretionary before this trading can occur.

FINRA Rule 2010

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

Background Information

Michael Lioy has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Michael Lioy is a registered broker in 17 states and a registered investment adviser in Florida and Texas.

He has also worked for the following firms:

  • Hunter Scott Financial (CRD#:45559)
  • Sterne Agee Financial Services (CRD#:18456)
  • Emmett A Larkin Company (CRD#:6625)
  • Salomon Grey Financial Corporation (CRD#:43413)

Kurta Law Can Help

If you worked with Michael Lioy and you have concerns about your investments, please contact us today at 877-600-0098 or 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.