Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 23, 2016 indicate that New York-based Joseph Gunnar & Company broker/adviser Michael Wagner has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Wagner (CRD# 3083994).
Michael Wagner has spent 18 years in the securities industry and has been registered with Joseph Gunnar & Company in Melville, New York since 2009. Previous registrations include Laidlaw & Company in New York, New York; Sands Brothers in New York, New York; Global Capital Securities in Englewood, Colorado; Murphy & Durieu, which has since been expelled by FINRA, in New York, New York; and American Investment Services, which has since been expelled by FINRA, in Oklahoma City, Oklahoma. He is a registered broker and investment adviser with 34 US states and territories.
According to his BrokerCheck report, Michael Wagner has received two customer complaints.
In 2013, a customer alleged Michael Wagner, while employed at Joseph Gunnar & Company, breached his fiduciary duty, acted negligently, and negligently misrepresented material facts. The complaint settled in 2014 for $40,000, to which Mr. Wagner individually contributed $11,000.
In 2004, a customer alleged Michael Wagner, while employed at American Investment Services, solicited unsuitable investments in Dell Computer, misrepresented and omitted material facts, executed unauthorized trades, churned the account, and breached his fiduciary duty. The complaint settled in 2007 for $20,000, to which Mr. Wagner individually contributed $3,500.
According to FINRA rules and federal securities law, financial professionals like Michael Wagner are prohibited from executing transactions without a customer’s permission or authorization. There are some exceptions, including discretionary accounts and, in some circumstances, margin accounts. Brokers, investment advisers, and broker-dealer firms who effect unauthorized trades may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
Federal securities law prohibits brokers like Michael Wagner from making untrue or false statements that can mislead their clients — an act referred to as “misrepresentation.” Nor may they omit material facts regarding an investment, or the effect that an investment could have on the client’s finances. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers and investment advisers who misrepresent material facts may also be subject to disciplinary action.
If you have complaints regarding Michael Wagner, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.