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Michael Botwinick: Investor Alleges Unsuitable Recommendations by LPL Rep

Michael BotwinickPublic records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on September 12, 2018 indicate that New Jersey-based LPL Financial Services broker/adviser Michael Botwinick has received a pending customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Botwinick (CRD# 1057151).

Michael Botwinick has spent 36 years in the securities industry and has been registered with LPL Financial in Woodcliff Lake, New Jersey since 1998. Previous registrations include American Express Financial Advisors in Minneapolis, Minnesota (1982-1998); IDS Life Insurance Company in Minneapolis, Minnesota (1982-1998); American Express Service Corporation in Minneapolis, Minnesota (1993-1994); and IDS Financial Services (1982-1986). He has passed six securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on April 30, 1985; Series 31 (Futures Managed Funds Examination), which he obtained on September 3, 2003; Series 7 (General Securities Representative Examination), which he obtained on March 15, 1986; Series 22 (Direct Participation Programs Representative Examination), which he obtained on July 31, 1984; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on July 30, 1982; and Series 24 (General Securities Principal Examination), which he obtained on April 27, 1994. He is a registered broker and investment adviser with 30 US states and territories.

According to his BrokerCheck report, he has received one pending customer complaint.

In May 2018 a customer’s power of attorney alleged Michael Botwinick, while employed at LPL Financial, recommended unsuitable investments in “pre-paid forward contracts of two concentrated stock positions” as well as certain direct investments, resulting in greater illiquidity in the portfolio, “excessive risk,” and “large fees.” The claimant is seeking unspecified damages in the pending complaint.

If you have lost money investing with Michael Botwinick, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.