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Michael Smith Allegedly Gave Unsuitable Recommendation of GWG L Bonds

Michael Smith (CRD #: 4455394), a broker registered with Infinity Financial Services, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on May 11, 2023. Investors may have also engaged his services through Infinity Financial Services Advisory. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

On April 11, 2023, the executor for a deceased client’s estate alleged that Michael Smith made an unsuitable recommendation of GWG L bonds purchased in April 2020. The executor seeks $53,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must consider the information in the investor’s profile, such as their tax status, age, and risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information

Michael Smith 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 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Michael Smith is a registered broker in ten states and a registered investment adviser in Texas.

He has also worked for Titan Securities (CRD#:131392) and Planmember Securities Corporation (CRD#:11869).

Kurta Law Can Help

If you worked with Michael Smith and you have concerns about your investments, please contact us today at 877-600-0098 or 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.