Michael Lee Child of Draper Utah a stockbroker registered with H. Beck Inc. is the subject of a customer initiated investment related complaint on April 24, 2018 in which the customer requested $20,000.00 in damages founded on accusations that Child advised the customer to purchase investments which failed to be appropriate for the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Child is referenced in three more customer initiated investment related disputes that concern allegations of his violative conduct while employed with H. Beck. A customer initiated investment related arbitration claim regarding Child’s activities was settled for $670,000.00 in damages based upon accusations that the customer’s signature had been forged on documents used to effect securities transactions; and trades were executed on an unauthorized, excessive and negligent basis.
An additional customer initiated investment related complaint concerning Child’s conduct was resolved for $37,000.00 in damages supported by allegations that during the period in which Child had been associated with H. Beck, unauthorized transactions were effected in the customer’s account; excessive commissions were charged for transactions; and misrepresentations had been made to the customer. On August 21, 2015, another customer filed an investment related complaint involving Child’s conduct where the customer sought $780,000.00 in damages founded on accusations that the customer was sold direct participation program interests which had not been suitable for the customer and which performed poorly.
On July 6, 2016, another customer initiated investment related complaint regarding Child’s activities was settled for $35,000.00 in damages based upon allegations that the customer was placed into an investment that had been inappropriate for the customer.
FINRA Public Disclosure also reveals that Child has been terminated by at least three securities broker dealers for misconduct. Child was discharged by UBS supported by accusations of him failing to cooperate with the firm’s internal inquiry into a customer dispute. He was discharged by Eagle Gate Securities founded on allegations of engaging in undisclosed outside business activities. Child was subsequently discharged by GunnAllen Financial Inc. based upon accusations that he allowed an unauthorized and expelled stockbroker to hold himself out as being affiliated with GunnAllen.
Child has been fined and placed on probation according to an Order issued by Utah Insurance Department based on allegations of Child submitting false suitability information to H. Beck Inc. to effect securities transactions. Case No. 2012-051 LC.
Child’s registration with H. Beck Inc. was terminated on July 30, 2018. Since July 30, 2018, he has been associated with IFS Securities.
