Wayne Ivan Miller of Scottsdale Arizona the former President of Accelerated Capital Group Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified damages based upon accusations of (1) a fiduciary duty to the customer being breached (2) negligence with regard to private placement transactions and (3) an investment contract being violated when Miiller was associated with Accelerated Capital Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02876 (Nov. 25, 2019).
FINRA Public Disclosure indicates that Miiller is the subject of four more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker was employed by securities broker dealers including Accelerated Capital Group and Aeon Capital.
On February 1, 2016, a customer initiated investment related arbitration claim pertaining to Miiller’s conduct was settled for $165,000.00 in damages supported by allegations that trades were effected in the customer’s account in an excessive manner by the stockbroker and the customer sustained losses on common or preferred stock transactions when Miiller was associated with Accelerated Capital. FINRA Arbitration No. 15-03471.
On May 8, 2017, a customer initiated investment related arbitration claim concerning Miiller’s activities was resolved for $110,000.00 in damages founded on accusations of negligent supervision of the stockbroker’s activities in the customer’s account. According to the claim, there was a breach of a fiduciary duty owed to the customer.
The claim also alleges violation of California Corporation Securities Laws and Securities Exchange Act of 1934 Section 20. FINRA Arbitration No. 16-01433.
On August 15, 2018, a customer initiated investment related arbitration claim involving Miiller’s conduct was settled for $95,000.00 in damages based upon allegations of negligence and the failure of the customer’s account to be supervised by Miiler. According to the claim, omissions were made to the customer regarding alternative investments which had been overconcentrated in the customer’s account. The claim also alleges that both an investment contract and a fiduciary duty owed to the customer had been breached by the stockbroker causing the customer’s losses. FINRA Arbitration No. 17-01178.
Miiller is referenced in another customer initiated investment related arbitration claim on October 10, 2019 where the customer sought $620,000.00 in damages based upon accusations that the customer’s account was exposed to a breach of fiduciary duty and negligence concerning private placements purchased by the customer between 2016 and March of 2018 when Miiller was associated with Aeon Capital Inc and Accelerated Capital Group. FINRA Arbitration No. 19-03043.
FINRA Public Disclosure reveals that on December 13, 2017, Miiller was fined $10,000.00 and suspended for six months from associating with any FINRA member in any capacity supported by allegations of Miiler neglecting to supervise stockbrokers who engaged in violations of securities laws or FINRA rules and who effected transactions in eleven Accelerated Capital Group accounts in an excessive and unauthorized manner. Letter of Acceptance Waiver and Consent No. 2012033566204 (Dec. 13, 2017). FINRA found that Miiler failed to comply with FINRA Rules 2010 and 3110.
Miiller’s employment with Accelerated Capital was terminated on February 2, 2018.
