Michael Lee Child, of Draper, Utah, a stockbroker currently registered with H. Beck, Inc., has been named in a customer initiated investment related written complaint, which settled on July 6, 2016, for $35,000.00 in damages based upon allegations that Child effected transactions in the customer’s account which were not suitable, and was liable for the customer’s poor variable annuity performance.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Child has been named in two additional customer initiated investment related disputes regarding allegations of Child’s misconduct while employed with UBS PaineWebber Inc. and H. Beck, Inc. Specifically, on January 19, 2003, a customer initiated investment related arbitration claim involving Child’s conduct was settled for $670,000.00 in damages based upon allegations that Child effected unauthorized and excessive transactions in the customer’s account, placed over-the-counter equity and options trades which were not suitable for the customer, and negligently handled the customer’s accounts.
Subsequently, on August 7, 2014, a customer initiated investment related written complaint regarding Child’s activities was resolved for $37,000.00 in damages based upon allegations that Child effected unauthorized variable annuity transactions in the customer’s account, charged the customer with excessive commissions, and made misrepresentations to the customer concerning a variable annuity.
FINRA Public Disclosure reveals that Child was separated from employment on three occasions based upon allegations of misconduct. Namely, on July 24, 2002, he was terminated from UBS PaineWebber based upon allegations that he failed to disclose information about a customer complaint involving his misconduct. On September 18, 2003, Eagle Gate Securities allowed Child to resign based upon allegations that Child failed to properly disclose an outside business activity, and engaged in sales practices which were improper.
Since October 20, 1998, Child has been associated with six different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Guiliano Law Group
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