Advisor Alert: Our Attorneys Are Investigating Michael Norman Saunders For Investment Fraud
Did You Lose Money Because of Michael Saunders?
Filed: January 24, 2024
Michael Saunders has been the subject of three (3) customer complaints and one (1) termination 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 Norman Saunders.
Who Is Michael Norman Saunders?
- Advisor Name: Michael Norman Saunders
- Aliases: Michael Saunders
- CRD: 1639305
- Location: Woodland Hills, California
- Current Employer: Currently Not Registered
- Previous Firms: Ameriprise Financial Services, LLC, Crowell, Weedon & Co., and LPL Financial Corporation
- Number of Known Customer Complaints: 3
- Number of Known Termination Events: 1
- Can Michael Saunders Be Sued: Yes, in Private Arbitration
- Can Michael Saunders’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $240,000
- Highest Settlement: $80,000
If you have suffered investment losses by Michael Saunders, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud 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 Saunders For Broker Misconduct
As of this publication date, Michael Saunders has been the subject of 3 customer disputes and 1 termination event. Let’s review them below.
In November 2020, a FINRA arbitration was filed against or in reference to Michael Saunders by a customer of Ameriprise Financial Services, LLC alleging that she was recommended an unsuitable, high-commission, high-risk, and speculative alternative investment, FSKR. Per the customer, she lost over $240,000 because of Mr. Saunders’s actions.
In August 2003, a complaint was filed against or in reference to Michael Saunders by a customer of UBS Financial Services Inc. alleging that the investments in several mutual funds were not appropriate and misrepresented by the broker. Additionally, the customer claims that the broker did not properly inform her of the tax implications that she would be subject to because of the distribution from her IRA. Per the customer, she lost over $104,000 because of Mr. Saunders’s actions. On August 29, 2003, Mr. Saunders settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Saunders’s employer and/or insurance carrier.
In February 2003, UBS Financial Services Inc. terminated Michael Saunders for conducting sales practices that are inconsistent with UBS Financial Services’ policy.
In June 2000, a complaint was filed against or in reference to Michael Saunders by a customer of UBS Painewebber Inc. alleging that Mr. Saunders made misrepresentations and processed transactions without the client’s consent. Per the customer, he lost over $100,000 because of Mr. Saunders’s actions. On August 9, 2001, Mr. Saunders settled the claim for $1,633, and some or all of this amount may have been paid by Mr. Saunders’s employer and/or insurance carrier.
How To File A Claim Against Michael Saunders (previously with Ameriprise Financial Services, LLC, Crowell, Weedon & Co., and LPL Financial Corporation) To Get Your Money Back
If you have questions about Michael Saunders, Ameriprise Financial Services, LLC, Crowell, Weedon & Co., LPL Financial Corporation, 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.