Michael Packman of Westbury New York a stockbroker formerly employed by Axiom Capital Management Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $99,999.00 in damages founded on accusations that the customer had been sold unsuitable alternative investments from Packman during the period in which the stockbroker was employed by Axiom Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00071 (Jan. 7, 2020).
FINRA Public Disclosure indicates that Packman has been identified in three additional customer initiated investment related disputes pertaining to allegations of his misconduct when he was employed by Axiom Capital Management. On June 27, 2019, a customer filed an investment related arbitration claim pertaining to Packman’s conduct in which the customer requested $3,500,000.00 in damages supported by allegations of Packman selling private placements as part of a strategy which failed to be appropriate for the Axiom Capital Management customer. FINRA Arbitration No. 19-01772 (June 20, 2019).
Packman is the subject of another customer initiated investment related arbitration claim where the customer sought $75,000.00 in damages based upon accusations of suitability relating to the alternative investments recommended or sold by the stockbroker at Axiom Capital Management. FINRA Arbitration No. 19-02330 (Aug. 16, 2019). On January 9, 2020, another customer filed an investment related arbitration claim in reference to Packman’s conduct where the customer sought $2,000,000.00 in damages based upon accusations that Packman steered the Axiom Capital Management customer towards an unsuitable private placement which resulted in unwarranted losses being incurred by the customer. FINRA Arbitration No. 19-03808.
Packman’s registration with Axiom Capital Management has been terminated as of March 1, 2018. The stockbroker has been associated with at least six different securities broker dealers who have been expelled by securities regulators for violation of federal securities laws or who are otherwise defunct.