Michael Allan Bressman of Chatham New Jersey a stockbroker formerly registered with FCG Advisors LLC has been barred as stockbroker by New Jersey Bureau of Securities on March 18, 2021 founded on Bressman engaging in fraudulent practices and theft while he was associated with FCG Advisors LLC.
New Jersey’s sanctions come after Bressman was convicted of investment advisor fraud and securities fraud. Criminal Action No. 18cr10315 (Aug. 7, 2020). According to the United States Attorney’s Office for the District of Massachusetts, $800,000 in profits came from illegal trades that Bressman made between 2012 and 2018.
Securities and Exchange Commission (SEC) also charged Bressman in a Complaint alleging that Bressman effected a cherry picking scheme where he misused the brokerage accounts of his customers to benefit himself while at his customers’ expense. SEC v. Michael Allan Bressman Civil Action No. 1:18-cv-11925 (Sept. 12, 2018). Bressman allegedly allocated profitable trades to himself and family while making customers’ accounts the destination for unprofitable trades. SEC alleged that Bressman violated Securities Exchange Act of 1934 Section 10(b) and Rule 10b-5.
Bressman has also been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on accusations that he neglected to cooperate with FINRA’s request for information. Case No. 2019061168201 (Jan. 13, 2020). According to FINRA Public Disclosure, Bressman was at first suspended on November 4, 2019. Bressman failed to cooperate with the regulator to resolve the suspension by the deadline imposed.
Bressman has also been identified in five customer initiated investment related disputes regarding allegations of his improper actions when he was associated with Merrill Lynch Pierce Fenner Smith Inc. and FCG Advisors LLC. FINRA Public Disclosure shows that a customer initiated investment related complaint concerning Bressman’s activities was settled for $60,000.00 in damages based upon accusations that unauthorized transactions were executed by Bressman when he was associated with Merrill Lynch.
Bressman is also the subject of a customer initiated investment related written complaint which was resolved for $25,000.00 founded on allegations of Bressman’s exercise of discretion in a customer’s account at Merrill Lynch as that customer did not provide any written authorization for Bressman’s discretionary trading. Another customer initiated investment related complaint regarding Bressman’s conduct was settled for $15,000.00 in damages supported by accusations of Bressman making unauthorized trades of common and preferred stock in the customer’s account at Merrill Lynch.
A different customer initiated investment related FINRA securities arbitration claim involving Bressman’s activities was resolved for $90,000.00 in damages based on allegations of unauthorized mutual fund and equity trading by Bressman while he was at Merrill Lynch. Bressman is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $25,000.00 in damages founded on accusations of Bressman making unsuitable equity trades in the customer’s account during the period that he was associated with FCG Advisors. FINRA Arbitration No. 18-04103 (Dec. 12, 2019). According to the claim, the customer’s account had been overconcentrated in over-the-counter equities.
Bressman was associated with FCG Advisors between February 4, 2000 and May 16, 2018.
