Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Dunlap (Dunlap), previously associated with Mwa Financial Services Inc., has at least one disclosable event. These events include one regulatory event, alleging that Dunlap recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on August 12, 2024.
Without admitting or denying the findings, Dunlap consented to the sanction and to the entry of findings that he converted approximately $9,000 from his member firm’s parent company. The findings stated that Dunlap also worked for the firm’s parent company, a fraternal financial organization that is organized into chapters. Dunlap served as the chapter leader for three chapters, and in his capacity as chapter leader, the parent company issued to him debit cards linked to each chapter’s respective bank accounts. The parent company authorized Dunlap to use the chapter debit cards to pay for chapter events and community improvement projects. Dunlap converted approximately $9,000 of chapter funds for his personal use by charging personal expenses to the chapter debit cards and withdrawing funds from chapter bank accounts without the parent company’s authorization.
