Michael Peter Sloan, of St. Charles, Illinois, a stockbroker registered with Wintrust Investments LLC, is the subject of a customer initiated investment related complaint on December 18, 2013, in which the customer requested $9,107.16 in damages based upon allegations that Sloan made material misrepresentations and omissions of fact in connection with the sale of real estate investment trusts (REITs). According to the complaint, he told customers that they could earn a seven percent monthly dividend without a downside. The complaint also alleged that these investments resulted in large losses, were not diversified, and were not consistent with the customer’s conservative objectives when Sloan was associated with Wintrust Investments LLC.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Sloan is referenced in seven other customer initiated investment related disputes concerning Sloan’s conduct while associated with securities broker dealers. On August 13, 2007, a customer filed an investment related complaint involving Sloan’s conduct in which the customer requested $15,787.00 in damages based upon allegations that Sloan made the unsuitable investment recommendation of mutual funds when Sloan was associated with Chase Investment Services Corp. The complaint was denied.
On July 2, 2010, a customer initiated an investment related complaint involving Sloan’s conduct that was settled for $24,684.19 in damages based upon allegations that Sloan failed to follow instructions in connection with the sale of variable annuities during the time that Sloan was associated with Chase Investment Services Corp.
On August 25, 2009, a customer filed an investment related complaint involving Sloan’s conduct in which the customer requested $75,065.28 in damages based upon allegations that Sloan made unsuitable recommendations and made misrepresentations of material fact in connection with the sale of mutual funds. The complaint was denied.
On July 29, 2022, another customer filed an investment related FINRA securities arbitration claim involving Sloan’s conduct in which the customer requested $30,700.00 in damages based upon allegations that Sloan made the unsuitable investment recommendation of non-traded real estate investment trusts during the period that Sloan was associated with Wintrust Investments LLC. FINRA Arbitration No. 22-01628. This claim was withdrawn by the customer.
On April 24, 2023, a FINRA securities arbitration claim involving Sloan’s conduct was settled for $17,000.00 in damages based upon allegations that Sloan gave unsuitable advice in non-traded REITs, resulting in losses. FINRA Arbitration No. 22-02100.
Sloan was also referenced in a FINRA securities arbitration claim that was settled for $15,000.00 in damages based upon allegations that Sloan made the unsuitable investment recommendation of non-traded REITs for purposes of maximizing his commissions while associated with Wintrust Investments LLC. FINRA Arbitration No. 21-02406 (May 25, 2023).
Sloan has been associated with Wintrust Investments LLC in St. Charles, Illinois since August 9, 2010.
