Michael J. Spears, of Houston, Texas, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 19, 2016, in which the customer requested $1,667,000.00 in damages based upon allegations that Spears breached his fiduciary duties owed to the customer, made misrepresentations concerning real estate investment trusts, and negligently handled the customer’s investment portfolio. The customer additionally alleged that IMS Securities, Inc. failed to supervise Spears’ conduct.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on July 15, 2016, another customer filed an investment related arbitration claim regarding Spears’s activities, in which the customer requested $3,000,000.00 in damages based upon allegations that Spears negligently managed the customer’s investments, overconcentrated the customer’s assets in variable annuities and real estate securities, breached his fiduciary obligations, and made misrepresentations to the customer concerning investments. IMS Securities, Inc. was also alleged by the customer to have failed to supervise Spears’ activities.
Guiliano Law Group
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