Did you lose money investing with Michael Magill (CRD# 2024663)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Michael Magill. If you suffered losses investing with Michael Magill, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 24, 2023, Michael Magill’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
2 Criminal Disclosure
December 7, 2020 – An AWC was issued in which Magill was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Magill consented to the sanction and to the entry of findings that he, without first providing written notice to or receiving written approval from his member firm, participated in private investments away from his firm to investors who were not customers of the firm.The findings stated that Magill began working on behalf of a private issuer to find potential investors for a principal-protected note offered by the issuer. Magill recommended the note to investors, one of whom was elderly, who invested a total of $700,000. When recommending the note to the investors, Magill offered higher interest rates for immediate investments and told the investors that the investment was only available for a short time. Magill earned $14,000 in commissions, a bonus for securing investments by a certain time period and a salary that the issuer paid him. Prior to recommending the note, Magill failed to conduct reasonable diligence to understand the features and risks of investing in the note. Later, Federal authorities shut down the issuer’s offices. An executive of the issuer and Magill’s supervisor at the issuer both pled guilty to conspiracy to commit wire fraud and were sentenced to prison. It turned out that the issuer’s notes were not legitimate investments and the investors lost their entire investment. (FINRA Case #2019064830701)
Current and Previous Registrations
08/16/2017 – 01/24/2019 FORESIDE FUND SERVICES, LLC (CRD#:46106) PORTLAND, ME
08/31/2016 – 07/19/2017 CROSSROADS CAPITAL DISTRIBUTORS, LLC (CRD#:171776) NEWPORT BEACH, CA
12/17/2004 – 12/21/2015 JANUS DISTRIBUTORS LLC (CRD#:28832) DENVER, CO
01/14/2000 – 01/05/2005 DAVIS DISTRIBUTORS, LLC (CRD#:7975) TUCSON, AZ
01/26/1996 – 01/17/1997 TCC SECURITIES CORPORATION (CRD#:20842) SAN FRANCISCO, CA
07/25/1995 – 01/04/1996 PHOENIX SECURITIES, INC. (CRD#:10507) SAN RAFAEL, CA
06/02/1994 – 11/16/1994 CONTINENTAL CAPITAL GROUP, INC. (CRD#:29823)
05/18/1991 – 11/16/1992 JOHN HANCOCK DISTRIBUTORS, INC. (CRD#:468) BOSTON, MA
05/18/1991 – 11/16/1992 JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY (CRD#:5181) BOSTON, MA
01/24/1990 – 07/20/1990 HIBBARD BROWN & CO., INC. (CRD#:18246) NEW YORK, NY
FINRA expelled the firm on 02/22/1996
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Michael Magill and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
