Patricia S. Miller, of McMurray, Pennsylvania, a stockbroker formerly employed with Investors Capital Corp., has been barred from associating with an investment advisory or brokerage firm in any capacity according to a Securities and Exchange Commission (SEC) Order containing findings that Miller committed securities fraud. In the Matter of Patricia S. Miller, Administrative Proceeding File No. 3-16939 (Nov. 3, 2015).
Evidently, Miller pled guilty to committing wire fraud; conduct violative of 18 U.S.C. §1343. United States v. Patricia S. Miller, 1-14-cr-10185-LTS-1 (D. Mass. Dec. 17, 2014). The Order noted that between January of 2002 to May of 2014, customers had been defrauded by Miller out of property and money worth $2,500,000.00 by way of Miller’s fraudulent promises and misrepresentations relating to investments which had not been made by Miller on her customers’ behalf. Miller was reportedly sentenced to seventy-two months in prison, and subject of a $2,500,000.00 forfeiture money judgement. SEC found that Miller’s conviction constituted grounds for the imposition of a permanent bar from the securities industry.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that prior to SEC having barred Miller, she was fired from Investors Capital Corp. on May 21, 2014, supported by allegations including the creation of false documentation, fraud, unapproved customer loan arrangements, and misappropriation. Miller was also barred from associating with any FINRA member in any capacity founded on accusations that she failed to provide FINRA with information about her business activities. Case No. 2014041294401 (Oct. 3, 2014).
Moreover, FINRA Public Disclosure confirms that Miller has been referenced in thirty-three customer initiated investment related disputes pertaining to allegations of her misconduct during the time that she had been employed with Investors Capital Corp. and Janney Montgomery Scott LLC. Particularly, a customer initiated investment related arbitration claim regarding Miller’s activities was resolved to settle accusations that Miller effected transactions in the customer’s account that were inappropriate, and churned the customer’s equity portfolio. FINRA Arbitration No. 15-01453 (Dec. 16, 2015).
Another arbitration claim pertaining to Miller’s conduct was settled for $15,000.00 in damages based upon allegations that trades were executed in the customer’s account without the customer’s consent. FINRA Arbitration No. 15-01453 (Dec. 22, 2015). Thereafter, a customer initiated investment related arbitration claim involving Miller’s conduct was settled for $43,800.00 in damages supported by accusations that Miller induced the customer’s investments by making fraudulent misrepresentations, and misappropriated the customer’s funds. FINRA Arbitration No. 15-00873 (Mar. 22, 2016).
On December 9, 2016, another customer filed an investment related written complaint involving Miller’s conduct, in which the customer requested $68,177.47 in damages based upon accusations that the customer’s funds had been misappropriated by Miller in KS Investments. Miller is also subject of a customer initiated investment related written complaint on December 15, 2016, where the customer sought $86,295.58 in damages supported by allegations of misappropriation. Further, a customer initiated investment related arbitration claim regarding Miller’s activities was resolved for $56,250.00 in damages founded on allegations of securities fraud. FINRA Arbitration No. 16-00089 (Jan. 18, 2017).
Additionally, a customer has been awarded $184,500.00 in damages according to an investment related arbitration claim regarding Miller’s conduct, which contained findings of gross negligence, breach of contract, breach of fiduciary duty, and conversion in reference to the customer’s investments in Buckharbor and KS Investments. FINRA Arbitration No. 15-02983 (May 30, 2017).
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