Securities Lawyers Blog
According to BrokerCheck records financial advisor Michael Sims (Sims), formerly employed by Wedbush Securities Inc. (Wedbush Securities), has been subject to at least four customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA) Sims has been accused by multiple customers of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs). The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.
In August 2019 a customer filed a complaint alleging that Sims violated the securities laws by engaging in, among other violations, excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision. The claim alleges $250,000 and is currently pending.
In January 2019 a customer filed a complaint alleging that Sims violated the securities laws by engaging in, among other violations, unsuitability, breach of fiduciary duty of loyalty, negligence, negligent misrepresentation, breach of contract, material omissions and misrepresentations in connection with the sale of securities, fraud and deceit based on concealment and violations of Federal statutes, California laws and FINRA Rules and. The claim alleges $2.7 million and settled for $702,600.
Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.