According to FINRA, Michael Jon DeBoer (CRD #2114067, Trinity, Florida) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, DeBoer consented to the sanction and to the entry of findings that he recommended that two customers collectively invest $200,000 in securities offered by a software development company. The findings stated that in return for the referrals, DeBoer received $32,000 in compensation from the company while the customers ultimately lost the entirety of their investments in the securities. The securities were not offered through DeBoer’s member firm. Prior to recommending that his customers invest in the securities, DeBoer did not disclose to his firm, in writing or otherwise, his involvement in recommending the securities or his receipt of compensation for referring the customers to the company. Furthermore, before making his recommendations, DeBoer failed to reasonably investigate the software company, its securities or its intended use of the proceeds generated through the sale of its securities, and therefore lacked a reasonable basis to believe the securities were suitable investments for at least some customers. The findings also stated that DeBoer marketed to his customers and other potential investors the services of an entity that provided separately managed futures trading accounts. DeBoer referred approximately 28 people to the entity, who collectively invested more than $1.8 million, and he received more than $70,000 in return for his referrals. Most or all of the people DeBoer referred to the futures trading entity lost a substantial amount of the money they invested. DeBoer did not disclose his involvement in this outside business activity to his firm.
For FINRA’s full findings, see FINRA Case #2015044778301.
According to his FINRA BrokerCheck, DeBoer was registered with Signator Financial from 09/2013 – 09/2014.
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