Michael Magill Reportedly Barred after Allegations of Selling Securities away from Member Firm
The Financial Industry Regulatory Authority has reportedly barred broker Michael Magill from the securities industry beginning December 7, 2020.
According to a Letter of Acceptance, Waiver and Consent (AWC), in December 2018, while registered with Foreside, Magill reportedly participated in private investments away from his firm to three investors who were not customers of the firm. It turned out that the issuer’s notes were allegedly not legitimate investments and the three investors reportedly lost their entire investment. Magill allegedly participated in the transactions, totaling $700,000, without first providing written notice to his firm, according to the AWC.
According to his FINRA BrokerCheck report, Magill was most recently registered with Foreside Fund Services in Portland, ME from 2017 until 2019. Prior to that, he was affiliated with 9 other firms since beginning his career in 1990.
Filing a Complaint against your Brokerage Firm
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Michael Magill, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
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