Michael Bingham Ballard of Birmingham Alabama is a stockbroker formerly employed by Madison Avenue Securities LLC who has been terminated on February 13, 2017 supported by allegations that he neglected to disclose to the firm that he was subject of a customer complaint.
It was not Mr. Ballard’s first rodeo. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Ballard has been identified in seven customer initiated investment related disputes that pertain to accusations of Ballard’s misconduct during the time he was associated with ProEquities, Inc. and G.F. Investment Services, LLC. Specifically, on May 8, 2015, a customer filed an investment related written complaint involving Ballard’s conduct, where the customer requested $650,000.00 in damages based upon allegations that Ballard placed real estate security and equipment leasing transactions in the customer’s account which were not suitable for the customer and made misrepresentations to the customer concerning the values of her investments.
On October 23, 2015, a customer initiated investment related written complaint pertaining to Ballard’s activities was resolved for $25,000.00 in damages supported by accusations that direct participation program and limited partnership investment terms, conditions and risks were inadequately explained by Ballard to the customer.
On January 11, 2016, another customer initiated investment related complaint that concerned Ballard’s conduct was settled for $50,000.00 in damages founded on allegations that Ballard failed to inform the customer about the terms and conditions of investing in real estate securities and direct investment products, neglecting to inform the customer about the customer’s risks to the principal she invested; and failed to provide the customer with guarantees relating to investments that Ballard induced the customer to purchase.
Subsequently, on January 26, 2016, a customer initiated investment related written complaint regarding Ballard’s activities was resolved for $103,000.00 in damages based upon accusations that Ballard failed to inform the customer about the risks to the customer’s principal by investing in equipment leasing products and direct investment programs. Further, on January 18, 2017, a customer initiated investment related written complaint regarding Ballard’s activities was resolved for $531,120.00 in damages supported by allegations that the customer was placed into two alternative investments and two fixed indexed annuities in May of 2016 that were not suitable for the customer.
Thereafter, a customer filed an investment related arbitration claim pertaining to Ballard’s activities, alleging that the customer’s real estate investment trusts were unsuitable and misrepresented, and that the customer’s assets had been over-concentrated in real estate securities. FINRA Arbitration No. 17-03255 (Jan. 9, 2018). Ballard has also been subject of a customer initiated investment related arbitration claim, in which the customer alleged misrepresentation and suitability relating to real estate investment trusts. FINRA Arbitration No. 17-03258 (Jan. 9, 2018).
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