Michael Vernon Biggs (CRD #1697481) Has Customer Dispute Disclosures on FINRA BrokerCheck
Michael Vernon Biggs (CRD #1697481) has been the subject of disclosure events, which have recently been reported on his FINRA BrokerCheck Report. According to Michael Vernon Biggs’s FINRA BrokerCheck report accessed on January 24, 2026, Michael Vernon Biggs has been the subject of four customer disputes. If you invested with Michael Vernon Biggs and you have concerns about his activity, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
Michael Biggs FINRA BrokerCheck Report reflects four customer dispute disclosures. Two examples are below:
On November 11, 2025, a customer alleged that Michael Biggs misrepresented VUL policies sold in 1989. The customer requested $5,000.00 in damages. The disclosure reflects the matter was denied. The disclosure includes a broker comment noting the firm found no basis to the customer’s complaint.
On July 8, 2020, a claimant alleged that Michael Biggs recommended that an investment in a partnership was an unsuitable investment. The disclosure reflects the matter was settled, with a reported settlement amount of $125,000.00.
The report reflects two additional customer dispute disclosures.
Rule summary #1: FINRA Rule 2111 (Suitability)
FINRA Rule 2111 (Suitability) requires brokers and firms to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile and the facts of the recommendation.
Rule summary #2: FINRA Rule 2020
FINRA Rule 2020 prohibits firms and associated persons from effecting transactions or inducing the purchase or sale of securities by means of any manipulative, deceptive, or other fraudulent device or contrivance.
Why this Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.
Reg BI is built around four key obligations:
- Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
- Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
- Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
- Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.
Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.
Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on his BrokerCheck Report, Michael Biggs:
- Is currently registered with Equitable Advisors, LLC.
- Has passed the Securities Industry Essentials (SIE), Series 7, Series 6, Series 65, and Series 63 exams.
- Was previously registered with firms that include LPL Financial Corporation and Wachovia Securities, LLC.
Kurta Law Can Help
If you have worked with Michael Biggs and you have concerns about his activity, Kurta Law may be able to help you evaluate potential recovery options. You may be entitled to pursue a claim through FINRA arbitration, depending on the facts of your situation and the investments involved. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
Helpful resources: Unsuitable Investments | Misrepresentation and Omission
For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable—because investors should not have to sit quietly while alleged misconduct and securities fraud go unchecked. Start your recovery process today.