Michael Eugene Smith (CRD #715100) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Michael Eugene Smith (CRD #715100) was previously registered as a broker and investment adviser representative with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 6, 2026. It reflects one customer dispute. If you invested with Michael Eugene Smith and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Michael Smith’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On January 29, 2026, a customer alleged Michael Smith recommended unsuitable investments in a variable annuity and real estate investment trusts between 2013 and 2016. The customer also alleged misrepresentations and conduct inconsistent with fiduciary obligations. Michael Smith’s FINRA BrokerCheck says the matter is pending and lists alleged damages of $340,000. The employing firm was Ameriprise Financial Services, LLC. Michael Smith’s FINRA BrokerCheck also says the complaint was written, not oral.

Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)

FINRA Rule 2330 sets standards for recommendations involving deferred variable annuities. It requires disclosure of key features and supervisory review. A dispute about a variable annuity can raise questions about whether the product was explained clearly and matched the investor’s needs.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis to believe a recommendation fits the customer’s profile. Claims involving variable annuities and real estate investment trusts can raise questions about risk, liquidity, and time horizon.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Michael Smith:

Is not currently registered.

Has passed the Securities Industry Essentials (SIE) exam. Michael Smith has also passed Series 7, Series 22, Series 6, Series 51, Series 24, and Series 63.

Was previously registered with firms that include Ameriprise Financial Services, LLC and IDS Life Insurance Company.

Kurta Law Can Help

If you have worked with Michael Smith and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. A securities attorney can help you assess potential causes of action and determine whether your losses may be recoverable through FINRA arbitration or other avenues. Contact Kurta Law at 877-600-0098 or email info@kurtalawfirm.com for a free consultation.

Helpful resources: What Is Securities Fraud? | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.