Victor Michel of Reno, Nevada, a stockbroker formerly registered with Financial West Group, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to testify before FINRA staff in the course of an investigation into his sales practice violations. Letter of Acceptance, Waiver and Consent, No. 2017054755201 (Nov. 3, 2017).
According to the AWC, Michel’s alleged sales practice violations were examined by FINRA in June of 2017. Evidently, on July 12, 2017, Michel was sent a request by FINRA, according to Rule 8210, seeking Michel’s testimony before FINRA personnel on September 7, 2017. Apparently; however, Michel never showed up to testify. Michel’s counsel then contacted FINRA personnel on August 10, 2017, confirming that Michel obtained the request submitted by FINRA but would not be testifying at any point. FINRA found that Michel’s failure to cooperate in that regard constituted a violation of FINRA Rules 2010 and 8210, which resulted in FINRA imposing a permanent bar.
FINRA Public Disclosure confirms that Michel is the subject of eight additional customer initiated investment related disputes concerning allegations of his misconduct while registered with M.L. Stern & Co., LLC., Southwest Securities, Inc., Securities America, Inc. and Financial West Group. Specifically, on December 6, 2001, a customer initiated investment related written complaint regarding Michel’s activities was resolved for $14,876.46.00 in damages based upon allegations of unauthorized trading of over-the-counter equities in the customer’s account.
Subsequently, on August 28, 2002, a customer initiated investment related written complaint involving Michel’s conduct was settled for $30,000.00 in damages based upon allegations that Michel placed equity trades on an unauthorized and excessive basis. Then, a customer initiated investment related arbitration claim involving Michel’s activities was resolved for $50,000.00 in damages supported by allegations that Michel effected excessive trades in the customer’s investment account. National Association of Securities Dealers (NASD) Arbitration No. 01-04167 (Dec. 31, 2002).
Further, on May 17, 2006, a customer initiated investment related written complaint regarding Michel’s activities was resolved for $8,967.16 in damages founded on allegations that Michel effected municipal debt, unit investment trust, and collateralized mortgage obligations transactions in the customer’s account that were not suitable for the customer. On July 28, 2016, another customer initiated investment related written complaint concerning Michel’s conduct was resolved for $55,000.00 in damages based upon allegations of churning, unauthorized trading of penny stocks, unsuitable investment recommendations, and the failure to supervise Michel’s activities.
Michel was fired from Financial West Group on February 12, 2016, based upon allegations that he disregarded the firm’s policies by failing to report customer complaints and for settling customer complaints away from the firm.
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