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Michael Myers Allegedly Made Unsuitable Investment Recommendation

Michael Myers (CRD #: 2609878), a broker registered with Securities America, is involved in a pending investor dispute, according to his BrokerCheck record, accessed on June 26, 2022. If you want to know more about his conduct as a broker, keep reading.

Investor Disputes

On April 13, 2022, an investor alleged that Michael Myers made a recommendation that led to a tax liability. This dispute is currently pending.

Michael Myers was also named in a dispute filed in 2008 alleging misrepresentation of risk regarding an investment. This dispute was settled for $487,500.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as those that adequately fit an investor’s profile. An investor’s profile describes characteristics such as their risk tolerance, tax status, and financial goals. Brokers should know if an investment is going to lead to a tax liability. 

  • High-risk and illiquid investments are frequently unsuitable. In particular, illiquid investments can be difficult to cash out because they are designed to be held long-term and tend to come with high fees for an early payout.
  • Securities can be quantitatively unsuitable, meaning the broker executed an excessive number of trades.
  • Investment strategies can also be unsuitable, e.g., when securities are over-concentrated in a certain stock or sector.

Investors who believe their losses were caused by unsuitable investment or strategy recommendations may be able to recoup their losses through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise fraudulent means of influencing investors’ decisions. Misrepresentation of an investment’s risks, fees, or possible returns violates this rule.

Background Information

Michael Myers has passed the following exams:

  • 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

Michael Myers is a registered broker in 22 states and a registered investment adviser in Oregon and Texas.

He has also worked for the following firms:

  • SII Investments (CRD#:2225)
  • Private Consulting Group (CRD#:45053)
  • NFP Securities (CRD#:42046)
  • Private Consulting Group (CRD#:45053)
  • Financial Network Investment (CRD#:13572)
  • Painewebber Incorporated (CRD#:8174)
  • Hambrecht & Quist (CRD#:940)

Kurta Law Can Help

If you worked with Michael Myers 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.