Michael Corbett Milne of Ocala, Florida, a stockbroker formerly registered with Kovack Securities, is the subject of a customer initiated investment related arbitration claim, which settled for $13,000.00 in damages supported by accusations that Milne breached his fiduciary duties, negligently handled the customer’s investment account, breached his contractual duties, made misrepresentations, effected unauthorized options and equity trades in the customer’s account, and defrauded the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01079 (Sept. 19, 2017).
FINRA Public Disclosure also reveals that on March 25, 2009, a customer filed an investment related written complaint involving Milne’s conduct, where the customer sought $5,000.00 in damages founded on allegations that during the time that Milne was associated with Raymond James Financial Services, his poor investment advice caused the customer to sustain equity. The customer additionally alleged that she was not made aware of the terms and conditions relating to trading in a margin account
Milne was fired from Raymond James Financial Services, Inc. on January 25, 2011, based upon accusations that he effected trades in a customer’s account on a discretionary basis even though his activities were not authorized.
Milne has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he executed unauthorized sales of stock positions in the investment accounts owned by eighty-seven Raymond James customers; conduct violative of NASD Rule 2510(b). Letter of Acceptance, Waiver and Consent, No. 2011026262301 (Apr. 19, 2013).
Milne’s registration with Kovack Securities was terminated as of August 21, 2015.
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