Michael J. Haffling of Orland Park Illinois a stockbroker formerly registered with Kalos Capital Inc. and an investment adviser representative of Kalos Management is the subject of a customer initiated investment related written complaint which was settled for $55,000.00 in damages on July 13, 2020 based upon allegations of Haffling and Kalos Capital having failed to perform due diligence on a direct investment prior to the customer being advised to purchase it. The claim alleges that the customer had invested in a direct participation program or limited partnership where the isfile FINRA Securities Arbitration Claimr’s disclosures or representations had not been reviewed.
This is not the first time that Haffling has been accused of sales practice violations by a customer of the securities broker dealer. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on April 2, 2020, a customer filed an investment related arbitration claim involving Haffling’s activities in which the customer sought $150,000.00 in damages founded on accusations of FINRA violations relating to an investment sold to the customer. FINRA Arbitration No. 20-01096.
According to the claim, no adequate due diligence had been performed on the isfile FINRA Securities Arbitration Claimr of the DPP or LP before the stockbroker recommended for the customer to buy securities. The claim also indicates that lofty commissions had been charged on the alternative investment transaction.
Since December 19, 2013, Haffling has been a stockbroker of Kalos Capital and an investment adviser representative of Kalos Management.