Advisor Alert: Our Attorneys Are Investigating Michael Wayne Speer For Investment Fraud
Did You Lose Money Because of Michael Speer?
Filed: October 25, 2023
Michael Wayne Speer has been the subject of one (1) regulatory event and seven (7) customer complaints. 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 Wayne Speer.
Who Is Michael Wayne Speer?
- Advisor Name: Michael Wayne Speer
- Aliases: Michael Speer
- CRD: 2414155
- Location: Greenwood Village, Colorado
- Current Employer: Currently Not Registered
- Previous Firms: Cambridge Investment Research, Inc., Presidential Brokerage, Inc., and Chatfield Dean & Co., Inc.
- Number of Known Customer Complaints: 7
- Number of Known Regulatory Events: 1
- Can Michael Speer Be Sued: Yes, in Private Arbitration
- Can Michael Speer’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $338,799.99
- Highest Settlement: $87,500
If you have suffered investment losses by Michael Speer, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker 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 Speer For Broker Misconduct
As of this publication date, Michael Speer has been the subject of 1 termination event and 7 customer disputes. Let’s review them below.
In April 2021, a complaint was filed against or in reference to Michael Speer by a customer of Cambridge Investment Research, Inc. alleging unsuitable investments. On August 17, 2021, Mr. Speer settled the claim for $7,500, and some or all of this amount may have been paid by Mr. Speer’s employer and/or insurance carrier.
In November 2020, a FINRA arbitration was filed against or in reference to Michael Speer by a customer of Cambridge Investment Research, Inc. alleging that Mr. Speer sold unsuitable investments. Per the customer, he/she lost over $50,000 due to Mr. Speer’s actions. On March 22, 2021, Mr. Speer settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Speer’s employer and/or insurance carrier.
In November 2017, a complaint was filed against or in reference to Michael Speer by a customer of Cambridge Investment Research, Inc. alleging that Mr. Speer did not properly explain the illiquidity of REIT investments. Further, Mr. Speer also forged signatures, and improper fees were assessed. Per the customer, he/she lost over $10,000 due to Mr. Speer’s actions.
In December 2014, a FINRA arbitration was filed against or in reference to Michael Speer by a customer of Presidential Brokerage, Inc. alleging suitability, fraud, breach of fiduciary duty, negligent misrepresentation, negligence, breach of contract, breach of the covenant of good faith, and fair dealing in relation to the sale of a TIC. Per the customer, he/she lost over $338,799.99 due to Mr. Speer’s actions. On December 12, 2016, Mr. Speer settled the claim for $87,500, and some or all of this amount may have been paid by Mr. Speer’s employer and/or insurance carrier.
In August 2014, a FINRA arbitration was filed against or in reference to Michael Speer by a customer of Cambridge Investment Research, Inc. alleging that Mr. Speer breached his fiduciary duty and was negligent as funds were allegedly distributed from the client’s account, sent to and cashed by an unknown and unaffiliated third party. Per the customer, he/she lost over $49,840 due to Mr. Speer’s actions. On March 6, 2015, Mr. Speer settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Speer’s employer and/or insurance carrier.
In August 2014, a complaint was filed against or in reference to Michael Speer by a customer of Cambridge Investment Research, Inc. alleging that Mr. Speer misled the client and failed to disclose material facts regarding her investments. Client alleges that Mr. Speer did not inform her eight (8) investments would be “illiquid.” Further, the client also added that Mr. Speer did not provide her with a contract for purchasing an Allianz Life Pro+ Fixed Index Universal Life Insurance Policy. Per the customer, she lost over $93,000 due to Mr. Speer’s actions.
In January 2010, a complaint was filed against or in reference to Michael Speer by a customer of Presidential Brokerage, Inc. alleging suitability. Client purchased an FDIC-insured index linked annuity in February 2009. Due to unprecedented advances in the S&P index, the CD triggered a “knock-out” event after just 6 months, meaning the client would only receive his original principal if held to maturity on March 1, 2011. Further, the client opted to sell in October 2009 suffering a loss of $4,200. Per the customer, he lost over $9,750 due to Mr. Speer’s actions. On February 26, 2010, Mr. Speer settled the claim for $1,875, and some or all of this amount may have been paid by Mr. Speer’s employer and/or insurance carrier.
In August 2005, NASD initiated a regulatory event against or in reference to Michael Speer. Michael Speer, acting on behalf of his member firm, did not supervise the activities of registered representatives who were employing trading strategies with customers located abroad in a manner reasonably designed to achieve compliance with NASD rule 2510.
How To File A Claim Against Michael Speer (previously with Cambridge Investment Research, Inc., Presidential Brokerage, Inc., and Chatfield Dean & Co., Inc.) To Get Your Money Back.
If you have questions about Michael Speer, Cambridge Investment Research, Inc., Presidential Brokerage, Inc., Chatfield Dean & Co., 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. Our team has recovered approximately $25 million dollars on behalf of investors who lost money due to bad advice by their broker or brokerage firm. We’d love to help you out too.