Michael Deboer Permanently Barred from Securities Industry

Michael DeboerPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on June 16, 2016 indicate that former Florida-based Fidelity Brokerage Services broker Michael Deboer has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Deboer (CRD# 2114067).

Michael Deboer has spent 23 years in the securities industry and was most recently registered with Fidelity Brokerage Services in Clearwater, Florida (2014-2015). Previous registrations include Signator Financial Services in Spring Hill, Florida; Dalton Strategic Investment Services in Spring Hill, Florida; Planmember Securities in Spring Hill, Florida; Mutual Service Corporation in Spring Hill, Florida; Legacy Financial Services in Petaluma, California; Banc of America Investment Services in Boston, Massachusetts; Fidelity Brokerage Services in Smithfield, Rhode Island; Essex National Securities in Napa, California; Aegon USA Securities in Cedar Rapids, Iowa; Intersecurities in St. Petersburg, Florida; Fidelity Brokerage Services in Smithfield, Rhode Island; MetLife Securities in New York, New York; and Metropolitan Life Insurance Company in New York, New York. He is currently not registered with any state or firm.

According to his BrokerCheck report, Michael Deboer has received one regulatory sanction and one pending customer complaint.

In May 2016, FINRA sanctioned Michael Deboer following allegations he “recommended that two customers collectively invest $200,000 in securities offered by a software development company, and 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.” According to FINRA’s complaint, Mr. Deboer also referred approximately 28 people to “an entity that provided separately-managed futures trading accounts,” for which he received more than $70,000 in return for his referrals, though “Most or all of the people DeBoer referred to the futures trading entity lost a substantial amount of the money they invested.” He was permanently barred from the securities industry.

In August 2015, a customer alleged Michael Deboer, while employed at Signator Financial Services, recommended unsuitable investments. The customer is seeking damages exceeding $177,900 in the pending complaint.

If you have lost money investing with Michael Deboer, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. 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.