Michael Joseph Lancaster of Tampa Florida a stockbroker formerly registered with NFP Securities Inc. and LPL Financial LLC is referenced in a Financial Industry Regulatory Authority (FINRA) inquiry in which FINRA is reviewing a customer initiated investment related complaints alleging misrepresentation and the recommendation of unsuitable investments. Case No. 20210704636 (Mar. 22, 2021).
Lancaster has been identified in two customer initiated investment related disputes containing allegations of his misconduct while employed by Capital Analysts, NFP Securities and LPL Financial. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim regarding Lancaster’s conduct was settled for $15,000.00 in damages founded on accusations that Lancaster effected an unsuitable variable annuity sale during the period that he was associated with Capital Analysts. The claim alleges that the customer’s account declined by over $200,000.00 because of unsuitable transactions in their account.
On May 26, 2021, another customer initiated investment related complaint involving Lancaster’s conduct was resolved for $15,000.00 in damages based upon allegations that Lancaster made misrepresentations to the customer regarding the performance of a closed end fund held in the customer’s account. The complaint alleges that Lancaster provided unsuitable advice to the customer between February of 2011 and January of 2021 while he was associated with NFP Securities and LPL Financial. The complaint also alleges that Lancaster guaranteed an investment that caused the customer to suffer losses.
Lancaster has also been fined $5,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member in any capacity supported by findings that Lancaster made unauthorized trades in customers’ variable annuity accounts during the time that he was associated with NFP Securities. Case No. E8A2004099501. Lancaster violated NASD Rules 2110 and 2510(b).
Lancaster was registered with LPL Financial between May 2, 2011 and February 24, 2021. He was registered with NFP Securities between April 28, 2021 and July 26, 2021.
