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SEC Proposes Action Against Richard Michalski

Richard Michalski (CRD #: 4588706), a broker registered with Laidlaw & Company (UK), was recently investigated by the SEC, according to his BrokerCheck record, accessed on March 9, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

SEC Action

On December 14, 2022, the Securities and Exchange Commission proposed an action against Richard Michalski alleging violations of Regulation Best Interest.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of Reg-BI may also be violations of FINRA Rue 201. 

Background Information

Richard Michalski has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 79TO – Investment Banking Registered Representative Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Richard Michalski is a registered broker in 47 states as well as the District of Columbia, Puerto Rico, and the Virgin Islands.

He has also worked for the following firms:

  • Aegis Capital Corporation (CRD#:15007)
  • Casimir Capital (CRD#:105061)
  • Kuhns Brothers Securities Corporation (CRD#:47331) 

Kurta Law Can Help

If you worked with Richard Michalski and you 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 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. 

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