Michael Miles Hartlett (also known as Mike Hartlett) of East Petersburg Pennsylvania a stockbroker formerly registered with LPL Financial LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that he engaged in unauthorized trading of a customer’s account when he was associated with LPL Financial. Letter of Acceptance Waiver and Consent No. 2020066023101 (October 22, 2021).
According to the AWC, in May of 2018, three brokerage accounts had been opened at LPL Financial by a customer. Hartlett was designated as the stockbroker on their brokerage accounts, and he spoke with the customer about discretionary trading. FINRA states that Hartlett did not have any written authorization allowing for his trading in the customer’s account on a discretionary basis. Hartlett was also required under LPL Financial’s policy to refrain from exercising discretion in customer accounts.
Between May of 2018 and February of 2020, discretionary trades were made by Hartlett on 22 occasions. And from 2018 to 2020, Hartlett falsely responded in three compliance questionnaires about his activities. Hartlett disclosed that he did not effect trades using discretion in brokerage accounts held by customers of LPL Financial. FINRA determined that Hartlett violated FINRA Rules 2010 and 3260(b) and National Association of Securities Dealers (NASD) Rule 2510(b).
Hartlett has been identified in four customer initiated investment related disputes regarding allegations of his harmful actions while employed by Financial Network Investment Corp and Invest Financial Corporation. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim regarding Hartlett’s activities was settled for $38,000.00 in damages founded upon accusations that unsuitable mutual funds were purchased for the customer’s account by Hartlett when he was employed by Financial Network Investment Corp.
Another customer initiated investment related FINRA securities arbitration claim regarding Hartlett’s conduct was resolved for $38,500.00 in damages supported by allegations of unsuitable mutual fund transactions effected in the customer’s account when Hartlett was registered with Financial Network Investment Corp. The customer allegedly sustained damages on mutual fund investments.
Hartlett is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $45,000.00 in damages based on accusations of Hartlett’s unsuitable recommendations of mutual funds for the customer’s Invest Financial Corporation account. A different customer filed an investment related complaint involving Hartlett’s activities in which they requested $160,000.00 in damages founded upon allegations of unsuitable advice by Hartlett as it pertained to mutual fund and stock trades during the time that Hartlett was associated with Invest Financial Corporation.
Hartlett was registered with Invest Financial Corporation between September 12, 2007, and February 20, 2018. Between February 14, 2018, and October 21, 2021, Hartlett was registered with LPL Financial. Since October 8, 2021, Hartlett has been registered with International Assets Advisory LLC as a stockbroker and International Assets Investment Management LLC as an investment adviser representative.