Brett Allen Machtig, of Bloomington, Minnesota, a stockbroker formerly registered with Investors Capital Corp., was subject of cease and desist sanctions and a $5,000.00 fine by Minnesota Department of Commerce based upon consenting to findings that Machtig effected an equity indexed annuity which was not suitable for a customer. Case No. 1369 (Sept. 15, 2015).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Machtig has been identified in three customer initiated investment related disputes containing allegations of Machtig’s misconduct while employed with Investors Capital Corporation. Particularly, on December 16, 2008, a customer filed an investment related written complaint involving Machtig’s conduct, in which the customer requested $54,468.00 in damages based upon allegations that he did not abide by the customer’s investment instructions to sell equity positions, which caused the customer to sustain loses.
Subsequently, on May 2, 2011, a customer filed an investment related written complaint regarding Machtig’s activities, based upon allegations that Machtig charged the customer excessive commissions and effected variable annuity transactions that were not suitable for the customer. Further, on February 13, 2015, a customer filed an investment related written complaint involving Machtig’s conduct, in which the customer requested $400,000.00 in damages based upon allegations that Machtig effected the unsuitable purchase of a fixed annuity contract.
Machtig’s registration with Investors Capital Corp. was terminated on July 23, 2016. Since July 7, 2016, he has been registered with United Planners’ Financial Services of America.
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