Michael Archimede of Waukesha, Wisconsin, a stockbroker registered with PFS Investments Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Archimede refused to provide information and documents and to appear for testimony concerning his potential borrowing of customer funds. Letter of Acceptance, Waiver, and Consent No. 2023080714501 (January 22, 2024).
According to the AWC, on December 21, 2023, FINRA issued a request to Archimede for information and documents and for him to testify. This request was part of their investigation into whether Archimede borrowed customer funds for his potential investment in an offering involving crypto assets away from PFS Investments Inc. On January 15, 2024, during a phone call with FINRA, Archimede acknowledged that he had received FINRA’s request but declined to produce the requested information and documents and refused to provide testimony at any time. Therefore, Archimede violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure additionally shows that on November 9, 2023, a customer filed a complaint involving Michael Archimede’s conduct during his association with PFS Investments Inc. The customer requested $52,482.12 in damages based upon allegations that Archimede borrowed and failed to repay the customer’s funds.
Archimede was associated with PFS Investments Inc. in Waukesha, Wisconsin from January 1, 2010, to December 31, 2023. He was permitted to resign during an internal review that was conducted after he apparently admitted to borrowing money from a customer.
