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Investor Claims Michael Sloan Recommended Unsuitable Investments

Mar 18, 2022 Unsuitable Investments

Michael Sloan (CRD #: 2178871), a broker registered with Wintrust Investments LLC, allegedly recommended unsuitable investments in order to maximize his commissions. This information is from Michael Sloan’s BrokerCheck record, accessed on March 13, 2022. Keep reading for more information about Michael Sloan’s conduct as a broker.

On November 23, 2021, investors alleged that Michael Sloan recommended unsuitable, non-traded REITs. They also alleged that Michael Sloan recommended those unsuitable investments in order to maximize commissions. The investors are seeking $100,000 in damages. The dispute is currently pending.

What is an Unsuitable Investment?

Recommendation of unsuitable investments is a violation of FINRA Rule 2111, which requires brokers to recommend investments that fit the investor's profile. That investment profile includes information on the investor’s age, financial situation and needs, risk tolerance, and investing experience. Investors who rely on their brokers for recommendations regarding transactions and/or investment strategy may be able to recover their losses through FINRA arbitration.

What is a REIT?

A Real Estate Investment Trust (REIT) is a real estate investment that comprises a selection of income-producing real estate. These investments can be high-risk, especially if they are non-traded.

Background Information

Michael Sloan has passed the following exams:

  • Series 65 - Uniform Investment Adviser Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

Michael Sloan is currently registered in 16 states and is a registered investment adviser in Illinois.

Michael Sloan has worked for the following firms:

  • Wintrust Investments LLC (CRD #: 1875)
  • Chase Investment Services Corp (CRD #: 25574)
  • Banc One Securities Corporation (CRD #: 16999)
  • Josephthal & Co. (CRD #: 3227)
  • Salomon Smith Barney (CRD #: 7059)
  • J. Meyers & Co. (CRD #: 15609)
  • First Albany Corporation (CRD #: 298)

Kurta Law Can Help

If you worked with Michael Sloan and 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.