Advisor Alert: Our Attorneys Are Investigating Michael Robert Finnie For Investment Fraud
Did You Lose Money Because of Michael Finnie?
Filed: March 15, 2024
Michael Finnie has been the subject of two (2) customer complaints, one (1) regulatory event, and one (1) financial event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Michael Robert Finnie.
Who Is Michael Robert Finnie of Aegis Capital Corp.?
- Advisor Name: Michael Robert Finnie
- Aliases: Michael Finnie
- CRD: 2112495
- Location: Timonium, Maryland and Powhatan, Virginia
- Current Employer: Aegis Capital Corp.
- Previous Firms: LPL Financial LLC and J. W. Cole Advisors, Inc.
- Number of Known Customer Complaints: 2
- Number of Known Regulatory Events: 1
- Number of Known Criminal Events: 1
- Can Michael Finnie Be Sued: Yes, in Private Arbitration
- Can Michael Finnie’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $300,000
- Highest Settlement: $125,000
If you have suffered investment losses by Michael Finnie, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Michael Finnie For Broker Misconduct
As of this publication date, Michael Finnie has been the subject of 2 customer disputes, 1 regulatory event, and 1 financial event. Let’s review them below.
In January 2023, the Virginia State Corporation Commission initiated a regulatory action against or in reference to Michael Finnie for allegedly, in multiple instances, Finnie’s clients had no prior experience investing in the securities he placed them in and the investments represented a significant portion of their assets. The Division further alleged despite the clients requesting additional cash income from their investments, their returns were re-invested.
In September 2017, a collection agency reported that Mr. Finnie had outstanding debt totaling $800. Mr. Finnie settled this matter in the amount of $607.
In October 2002, a NASD arbitration was filed against or in reference to Michael Finnie by a customer of A. G. Edwards & Sons, Inc. alleging misrepresentation, fraud, negligence, breach of fiduciary duty, violation of the Virginia Securities Act in conjunction with recommendation of unsuitable investments from September 2000 to November 2001. Per the customer, he/she lost over $300,000 because of Mr. Finnie’s actions. On December 18, 2003, Mr. Finnie settled the claim for $125,000, and some or all of this amount may have been paid by Mr. Finnie’s employer and/or insurance carrier.
In September 1999, a complaint was filed against or in reference to Michael Finnie by a customer of First Union Brokerage Services, Inc. alleging that the sale of the mutual fund and subsequent purchase of the US treasury strip were not fully explained with regard to risk. The US treasury was sold at a loss. Per the customer, he/she lost over $7,225.45 because of Mr. Finnie’s actions. On March 13, 2000, Mr. Finnie settled the claim for $5,427.73, and some or all of this amount may have been paid by Mr. Finnie’s employer and/or insurance carrier.
How To File A Claim Against Michael Finnie of Aegis Capital Corp. (previously with LPL Financial LLC and J. W. Cole Advisors, Inc.) To Get Your Money Back
If you have questions about Michael Finnie, Aegis Capital Corp., LPL Financial LLC, J. W. Cole Advisors, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.