Michael J. Isaac, of Shrewsbury, Massachusetts, a registered representative formerly registered with Investors Capital Corp., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he directed a firm customer to provide him with blank and undated forms after they were signed by the customer. Letter of Acceptance, Waiver and Consent, No. 2016051042201 (June 9, 2017).
According to the AWC, in 2015, a customer was instructed by Issac to provide him with nine documents that were blank even though the documents were signed by the customer. The customer reportedly submitted an application for a variable annuity and additionally submitted disclosure letters and withdrawal forms that were undated and incomplete. The AWC stated that Isaac submitted the documents to his firm after completing them himself; conduct which was prohibited by Investors Capital Corp. FINRA cited Issac for implying to his firm, upon submission of the documents, that the forms were reviewed by the customer and that the information pertaining to the customer’s investments was authorized. As this was evidently not the case, FINRA found Issac’s conduct violative of FINRA Rule 2010.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Issac has been named in three customer initiated investment related disputes regarding allegations of his wrongdoing while associated with Mutual of Omaha Investor Services, Inc., Lincoln Financial Advisors, and Investors Capital Corp. Specifically, on January 29, 2004, a customer initiated investment related arbitration claim involving Issac’s conduct was settled for $35,000.00 in damages based upon allegations that he placed the customer’s assets into a variable annuity even though the product were unsuitable for the customer.
Moreover, on August 29, 2016, a customer filed an investment related written complaint regarding Issac’s activities, wherein the customer requested $5,000.00 in damages based upon allegations that the customer was not made aware by Issac of the ability to surrender a variable annuity product during a period which penalties would not be imposed. The customer additionally alleged that Issac never delivered the customers’ contract.
Issac’s registration with Investors Capital Corp. was terminated on November 12, 2015. He became associated with Innovation Partners LLC on November 12, 2015. Since November 24, 1992, Issac has been associated with seven different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
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