Mike Persinski Facing a $56 Million Investor Dispute
Mike Persinski (CRD #: 1478332), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of a multi-million dollar investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 24, 2023. Details are provided below.
On August 24, 2023, investors alleged that Mike Persinski breached his fiduciary duty, breached his contract, and was involved in a third-party beneficiary breach of contract. They further alleged negligent supervision related to an alleged failure to provide advice on a concentrated position and an alleged recommendation to use a line of credit to further concentrate their assets.
The investor is seeking $56 million.
FINRA Rule 3110
FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).
FINRA Rule 2111 – Unsuitable Investments and Overconcentration
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of rules like FINRA Rule 2111 also violate this rule.
Mike Persinski 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 31 Futures Managed Funds Examination
- Series 7 General Securities Representative Examination
He is a registered broker in ten states and D.C. He is also a registered investment adviser in Florida and Texas.
During his 23 years of experience, he has worked with the following firms:
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
- Citi Private Advisory (CRD #: 153777)
- CitiGroup Global Markets (CRD #: 7059)
- CitiCorp Investment Services (CRD #: 23988)
- NationsBanc Capital Markets (CRD #: 26091)
- Sovra Investment Corporation (CRD #: 16441)
- First Jersey Securities (CRD #: 6621)
Kurta Law Can Help
If you worked with Mike Persinski and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org 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.