Michael John Isaac of Charlotte North Carolina a stockbroker currently registered with Innovation Partners LLC has been sanctioned by Massachusetts Securities Division based upon the stockbroker violating FINRA rules by using signed but otherwise blank or incomplete forms which falsely portrayed that documentation was reviewed by customers and that they approved of Issac’s transactions for their Innovation Partners accounts. Massachusetts Securities Division Consent Order No. R-2017-0097 (Jan. 10, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Isaac has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based on findings that the stockbroker maintained the signed but incomplete forms to effect securities transactions for one or more customers of Investors Capital Corp. Letter of Acceptance Waiver and Consent No. 2016051042201 (June 9, 2017). According to the AWC, at least one of Issac’s customers was instructed to sign applications, new account forms, disclosure letters and withdrawal forms which Issac later completed without having the customer review the documentation. FINRA found the stockbroker’s conduct violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Isaac is referenced in three total customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Mutual of Omaha Investor Services Inc. Specifically, a customer initiated investment related complaint involving Isaac’s conduct was settled for $10,173.33 in damages based upon allegations that when Isaac was associated with Mutual of Omaha Investor Services Inc., the customer was falsely told that invested assets were safe, there were no withdrawal penalties for premature surrenders, and that there was no tax liability pertaining to the sale of the customer’s annuity and reinvestment of proceeds in mutual fund products.
Also, a customer initiated investment related arbitration claim pertaining to Isaac’s conduct has been settled for $35,000.00 in damages supported by allegations that when Isaac was employed by Lincoln Financial Advisors Corporation, a variable annuity policy as well as its underlying investment selections made by the stockbroker failed to be suitable because of the customer’s investment circumstances, and the customer suffered unwarranted losses because of the stockbroker’s trading.
Isaac is additionally referenced in a customer initiated investment related complaint on October 3, 2016 where the customer sought unspecified damages based upon accusations that the customer was deprived of information which confirmed the right to cancel or otherwise opt out of a variable annuity contract sold by the stockbroker when he was associated with Investors Capital Corp.
Isaac has been registered with Innovation Partners LLC since November 12, 2015.
