Michael James Farrell of Red Bank New Jersey a stockbroker formerly registered with Aegis Capital Corp is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $190,873.62 in damages based on accusations that Farrell provided unsuitable recommendations to them in regard to investments held in the customer’s Aegis Capital Corp account between December of 2012 and November of 2020. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01073 (Apr. 26, 2021).
This is not the first time that Farrell has been the subject of an investment dispute in which a customer alleged sales practice violations. FINRA Public Disclosure additionally shows that a customer initiated investment related FINRA securities arbitration claim regarding Farrell’s conduct was resolved for $23,393.00 in damages based upon allegations that Farrell breached a fiduciary duty to the customer in reference to his investment transactions at Aegis Capital Corp. FINRA Arbitration No. 20-00036 (Mar. 9, 2020). According to the claim, a contract between the customer and the securities broker dealer had been breached. The claim also alleges that Farrell’s unsuitable trading resulted in damages to the customer.
Farrell was registered with Aegis Capital Corp between August 5, 2016 and May 23, 2019.