Michael Allan Bressman of Chatham, New Jersey, a stockbroker registered with FCG Advisors LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative because Bressman committed fraud. SEC Civil Action No.1:18-cv-11925-WGY 1:18-cv-11925-WGY (Sept. 2, 2021). Bressman engaged in a cherry-picking scheme between January 2012 to February 2018 which involved allocating certain unprofitable trades to customers’ accounts.
This is not the first time that Bressman has been the subject of a regulatory action concerning his conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Bressman has been barred from associating with any FINRA member in any capacity based upon allegations that Bressman failed to respond to FINRA’s request for information. Case No. 2019061168201 (Jan. 13, 2020).
On March 18, 2021, Bressman was barred by New Jersey Bureau of Securities based upon allegations that Bressman was convicted of crimes involving fraud and theft in the United States District Court fo the District of Massachusetts. Those convictions resulted in two years of imprisonment and court ordered restitution of $793,680.
FINRA Public Disclosure shows that Bressman is referenced in customer initiated investment related disputes concerning Bressman’s conduct while associated with securities broker dealers, including Merrill Lynch Pierce Fenner & Smith Inc. On April 1, 1987, a customer initiated investment related complaint involving Bressman’s conduct was settled for $60,000.00 in damages based upon allegations that Bressman made engaged in unauthorized trading, and other misconduct in connection with the recommendation and sale of investments when Bressman was associated with Merrill Lynch Pierce Fenner & Smith Inc.
On November 1, 1999, a customer initiated investment related complaint involving Bressman’s conduct was also settled for $25,000.00 in damages based upon allegations that Bressman engaged in unauthorized trading, and other misconduct in connection with the recommendation and sale of investments when Bressman.
Bressman is also referenced in a complaint that was settled on January 19, 2000 for $15,000.00 in damages based upon allegations that Bressman committed sales practice violations concerning the recommendation and sale of common stocks and preferred stocks when Bressman was associated with Merrill Lynch Pierce Fenner Smith Inc.
On July 26, 2002, a FINRA securities arbitration claim involving Bressman’s conduct was settled for $90,000.00 in damages based upon allegations that Bressman Bressman made engaged in unauthorized trading, and other misconduct in connection with the recommendation and sale of investments when Bressman was associated with Merrill Lynch Pierce Fenner Smith Inc. FINRA Arbitration No. 03-00002.
Bressman is also referenced in a FINRA securities arbitration claim that was settled for $25,000.00 in damages based upon allegations that Bressman made unsuitable recommendations, and overconcentrated the customer’s account in over-the-counter equities when Bressman was associated with FCG Advisors LLC. FINRA Arbitration No. 18-04103 (Dec. 10, 2018).
FINRA Public Disclosure also shows that FCG Wealth Management discharged Bressman based upon allegations that Bressman made unauthorized transactions, and Merrill Lynch Pierce Fenner Smith Inc. discharged Bressman based upon allegations that Bressman made unauthorized transactions.
Michael Bressman was associated with FCG Advisors LLC in Chatham, NJ, as a stockbroker from February 4, 2000 to May 16, 2018.
