Michael Smith of Fifth Third Securities is the Subject of an Investor Dispute

Michael Smith (CRD #: 3157184), a broker registered with Fifth Third Securities in Concord, North Carolina, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 2, 2023. Keep reading if you have questions about his alleged conduct. 

On August 18, 2023, an investor alleged that Michael Smith misrepresented an unsuitable FNMA bond. The investors sought $81,000 but the firm denied the dispute. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

What is an Unsuitable Investment? 

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. These profiles contain information such as investors’ age, risk tolerance, and investing experience.

• Investments can be unsuitable because they are high-risk and likely to lose money.
• Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
• Securities can be quantitatively unsuitable, which means that brokers execute an excessive number of trades.

These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.

Background Information 

Michael Smith 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 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 12 states and a registered investment adviser in North Carolina and Texas. 

Kurta Law Can Help

If you worked with Michael Smith of Fifth Third Securities in Concord, North Carolina, 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 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.