Keith Joseph Michelfelder of New York New York is a stockbroker formerly registered with Joseph Gunnar that had his securities registration revoked by Financial Industry Regulatory Authority (FINRA) according to FINRA Rule 8230 based upon Michelfelder’s failure to pay a ten thousand dollar fine that FINRA ordered because of Michelfelder having placed trades in customer accounts without authorization. Case No. 2013035584501 (Nov. 20 2017).
Particularly, Michelfelder was fined $10,000.00 and suspended by FINRA in all capacities based upon consenting to findings that he placed sixteen transactions in a Joseph Gunnar customer’s account without having the requisite written consent from the customer, and utilized unauthorized communication vehicles to discuss securities transactions with the customer. Letter of Acceptance, Waiver and Consent, No. 2013035584501 (Aug. 23, 2017). FINRA found Michelfelder’s conduct violative of FINRA Rules 2010 and NASD Conduct Rule 2510(b). As a result of FINRA’s suspension, the Secretary of State of the State of Georgia imposed a two month suspension of Michelfelder’s broker-dealer agent registration. Case No. ENSC-180711 (Nov. 16, 2017).
FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim in regards to Michelfelder’s activities was resolved for $61,500.00 in damages supported by allegations that Michelfelder executed over-the-counter equities, stocks and direct investment product transactions without ever procuring the customer’s consent. FINRA Arbitration No. 11-00764 (Apr. 12, 2012).
Subsequently, a customer was awarded $702,037.00 in damages according to an investment related arbitration claim containing findings that Michelfelder committed violations of FINRA Rules, negligently handled the customer’s investment account, breached his contractual duties, violated the securities laws of the State of Maryland, churned the customer’s investment portfolio, traded without authorization, effected unsuitable mutual fund and equity transactions in the customer’s account, and committed securities fraud. FINRA Arbitration No. 12-04176 (May 23, 2014).
Michelfelder was most recently registered with National Securities Corporation between September 13, 2016 and October 24, 2017.
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