Michael Ohlemacher Suspended by FINRA
Michael Ohlemacher (CRD #: 5759091), a broker formerly registered with W&S Brokerage Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on October 3, 2022. If you have questions about his conduct as a broker, keep reading.
FINRA Suspension
On July 11, 2022, Michael Ohlemacher consented to the entry of findings that he allegedly engaged in an insurance-related outside business activity without first providing written notice to his firm, W&S Brokerage Services, or the firm’s insurance affiliate, W&S Life Insurance Company (WSLIC).
A Letter of Acceptance, Waiver & Consent (AWC) alleges that WSLIC policy allowed brokers to refer clients to insurance companies not affiliated with WSLIC for certain insurance products not offered by the company, and to receive compensation for these referrals as long as both WSLIC and W&S Brokerage Services provided written permission in advance.
From 2012 through 2020, Michael Ohlemacher allegedly referred at least 80 individuals, some of whom were also W&S Brokerage Services clients, to an insurance company unaffiliated with WSLIC. He allegedly earned over $94,000 in commissions.
The AWC further alleges that Michael Ohlemacher failed to disclose this outside business activity to W&S Brokerage or WSLIC, did not receive approval from either, and attested on five annual compliance questionnaires that he had disclosed all outside business activities.
The AWC concludes that these alleged activities constitute violations of FINRA Rules 3270 and 2010.
FINRA Rules 3270 and 2010
FINRA Rule 3270 requires brokers to disclose any business activities they engage in outside their firm, as well as any compensation they may receive from these activities.
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Outside Businesses
Michael Ohlemacher has outside businesses listed on his detailed record. He has disclosed investments in real estate, fast food restaurant Pita Pit, and Arlington Farm. His record also reveals outside business as an insurance agent.
Sanctions
Michael Ohlemacher consented to the following sanctions:
- $5,000 fine
- Three-month suspension
His suspension began on July 18, 2022, and will end on October 17, 2022.
You can read a copy of the AWC here.
Discharge from W&S Brokerage Services
On January 11, 2021, Michael Ohlemacher was fired from W&S Brokerage Services following his termination from W&S Life Insurance Company (WSLIC). Michael Ohlemacher was fired from WSLIC following an investigation which allegedly found that he violated company policies in the following ways:
- Engaging in unapproved outside business activities
- Providing W&S Life client information to outside firms
- Accepting payment for referrals
- Using company property for personal business
- Failng to meet reporting requirements (unrelated to securities or registration) under company policy
Background Information
Michael Ohlemacher has passed the following exams:
- Series 6TO – Investment Company Products/Variable Contracts Representative Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
He previously worked for W&S Brokerage Services (CRD#:8099).
Kurta Law Can Help
If you worked with Michael Ohlemacher 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 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.
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