Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Polyakov (Polyakov) has been subject to three customer complaints and eight financial disclosures. Polyakov is currently employed by Westpark Capital, Inc. (Westpark Capital). Many of the customer complaints against Polyakov concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.
In January 2013 a customer filed a complaint alleging unsuitable investments, churning, and excessive trading. The claim alleged $157,178 in damages and settled.
In March 2010 a customer filed a complaint alleging churning, unauthorized trades, and unsuitable investments claiming $250,000 in damages. The complaint was settled.
In addition, Polyakov has eight financial disclosures concerning debt compromises. This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider. In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.