Michael J. Isaac, of Shrewsbury, Massachusetts, a registered representative associated 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 caused a customer to provide him signed forms that were undated and blank, inaccurately conveying that customers reviewed transactions before they were effected. Letter of Acceptance, Waiver and Consent, No. 2016051042201 (June 9, 2017).
According to the AWC, the customer signed withdrawal forms, variable annuity account applications, as well as disclosure forms. The forms were completed by Isaac instead of the customer, despite the firm’s written policies proscribing the conduct. The AWC stated that the forms did not accurately convey the customer’s approval or review of the documents that Isaac submitted to Investors Capital. Consequently, FINRA found that Isaac’s conduct was violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that Isaac has been identified in three additional customer initiated investment related disputes pertaining to accusation of his wrongdoing while associated with Mutual of Omaha Investor Services, Inc. and Lincoln Financial Advisors. In particular, on January 29, 2004, a customer initiated investment related arbitration claim involving his conduct was settled for $35,000.00 in damages based upon allegations that Isaac effected variable annuity transactions that were inappropriate for the customer.
Subsequently, on August 29, 2016, a customer filed an investment related written complaint regarding Isaac’s activities, based upon allegations that Isaac failed to inform the customer of the customer’s right to rescind a variable annuity, and neglected to provide the customer an insurance policy.
Isaac’s registration with Investors Capital Corp. was terminated on November 12, 2015. Since then, he has been associated with Innovation Partners LLC.
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