Michael Nolan Subject of UIT Dispute

Michael Nolan (CRD #: 4985415), a previously registered broker with Allstate Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on September 13, 2023. Keep reading if you have concerns about his alleged conduct. 

On August 10, 2023, an investor alleged that Michael Nolan recommended unsuitable Unit Investment Trusts (UITs). The dispute was denied, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

UITs

A unit investment trust (UIT) consists of a fixed portfolio of stocks and bonds, similar to a mutual fund. The lack of liquidity and high fees associated with cashing out early can make UITs unsuitable for investors. UITs can also take years to mature.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile. These profiles contain information such as investors’ age, risk tolerance, and investment goals.

Prior Investor Dispute 

On June 19, 2019, an investor alleged that Michael Nolan allegedly did not discuss her risk tolerance or surrender charges associated with an investment. The investor further alleged that Michael Nolan did not provide a prospectus and that she did not receive the contract. This alleged misconduct allegedly took place from 2018 until 2019. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential risks or surrender charges.

Background Information 

Michael Nolan has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination 

He has registered with the following firms: 

• Allstate Financial Services (CRD #: 18272) 
• Mutual of Omaha Investor Services (CRD #: 611) 
• MetLife Securities (CRD #: 14251) 
• Thrivent Investment Management (CRD #: 18387) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Edward Jones (CRD #: 250) 
• AXA Advisors (CRD #: 6627) 

Kurta Law Can Help

If you worked with Michael Nolan and you have concerns about your investments, please 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 that 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.