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Michael Stalcup Allegedly Recommended Unsuitable Non-Traditional ETFs

Jun 7, 2022 Exchange-Traded Funds

Michael Stalcup (CRD #: 4024498), a formerly registered broker with Veritas Independent Partners, is facing a regulatory action from the Arkansas Securities Department, according to his BrokerCheck record, accessed on June 3, 2022. He is also registered as an investment adviser with Cabana Asset Management.

On February 11, 2022, the Arkansas Securities Department alleged that Michael Stalcup made unsuitable recommendations related to non-traditional ETFs. Non-traditional ETFs can easily lose money, and those losses can compound over time. Financial professionals need to actively monitor these types of investments. This regulatory action is pending. 

On December 27, 2019, an investor alleged that they instructed Michael Stalcup to segregate accounts per trust documents, but he instead executed unauthorized, risky trades. The dispute was settled for $65,000. FINRA Rule 3260 prohibits unauthorized trading unless the investor and the firm pre-approve the account for discretionary trading.

Termination

On July 18, 2019, Veritas Independent Partners fired Michael Stalcup following allegations that he failed to report an investor complaint.

Background Information

Michael Stalcup has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination

He has registered as a broker with the following firms:

  • Veritas Independent Partners (CRD #: 169291)
  • MML Investors Services (CRD #: 10409)
  • MSI Financial Services (CRD #: 14251)
  • Arvest Asset Management (CRD #: 42057)
  • American Express Financial Advisors (CRD #: 6363)
  • IDS Life Insurance Company (CRD #: 6321)

Kurta Law Can Help

If you worked with Michael Stalcup and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated on behalf of investors recovering their investment losses from stockbrokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors. We work on a contingency basis, which means that the firm only earns a fee if our securities attorneys recover money on your behalf. Reach out and we can tell you what steps to take to restore your lost funds.