Michael Jason Collins of Chicago Illinois a stockbroker formerly registered with Robert W. Baird Co. Incorporated has been fined $10,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Collins sold away from his securities broker dealer employer. Letter of Acceptance Waiver and Consent No. 2017056104801 (Nov. 18, 2019).
According to the AWC, fifteen investors had been solicited by Collins to purchase about $200,000.00 worth of an LLC’s membership units. That LLC was designed for operating a Chicago restaurant. The AWC stated that Collins was specifically instructed by Robert W. Baird not to solicit any other investors in the transaction involving the LLC membership interests aside from his family member. The AWC stated that other investors were introduced to the LLC investment by Collins despite these prohibitions enforced by Robert W. Baird. In fact, without the securities broker dealer’s approval, Collins facilitated the investors’ purchases of LLC membership interests, met with them to discuss the investments and detailed investments he made in the LLC himself. The AWC stated that of the fifteen investors who purchased the investments, seven held accounts with Robert W. Baird. The restaurant operated by the LLC closed after nine months.
The AWC stated that there was no notification provided by Collins to Robert W. Baird in regard to his participation in the purchase of membership interests by the fifteen investors. In fact, Collins was administered a compliance questionnaire by the securities broker dealer in which he falsely attested to his lack of involvement in outside securities transactions. Also, Collins failed to disclose his involvement with LLC membership repurchases. FINRA found his conduct violative of FINRA Rules 2010 and 3280 and National Association of Securities Dealer (NASD) Rule 3040.
FINRA Public Disclosure additionally confirms that Collins is the subject of a customer initiated investment related written complaint which was resolved for $18,538.00 on March 5, 2018 based upon accusations that the customer had been charged excessive fees on unit investment trust trades placed by the stockbroker when he was employed by Robert W. Baird.
Collins’ employment with Robert W. Baird was terminated on October 30, 2017. Since November 7, 2019, he has been employed by Kingsbury Capital Inc.
