Investors Allege Michael Fisher Executed Unauthorized Trades

Michael Fisher (CRD #: 4056114), a broker registered with Ameriprise Financial Services, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on April 20, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Investor Disputes

On March 16, 2023, multiple investors filed a dispute alleging that Michael Fisher executed unauthorized trades and made unsuitable investment recommendations between November 2016 and January 2023. They seek $100,000 in this pending dispute.

Two disputes, filed on March 13, 2017, and September 17, 2018, named Michael Fisher in allegations including negligence, failure to supervise, and the unsuitability of certain preferred/fixed-rate capital securities. These disputes were settled for a total of $100,000. You can read the respective arbitration awards here and here.

On September 7, 2017, an investor alleged that Michael Fisher gave unsuitable investment recommendations and misrepresented Unit Investment Trust (UIT) investments from January 1, 2013, through November 8, 2016. This dispute was settled for $100,000.

On December 15, 2015, an investor named Michael Fisher in a dispute alleging that the client’s investment vehicles were no longer suitable for his investment goals. The firm denied the dispute.

However, investors should know that firms can deny disputes without an external review. Investors can still seek out FINRA arbitration after a denial and may be able to recover their losses.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must use the information in an investor’s profile, such as their risk tolerance, age, and tax status when making recommendations.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision over their employees in order to detect and prevent violations of securities regulations. Among other things, firms must appoint supervisors and ensure that they have adequate training or experience.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other fraudulent tactics to influence investors’ decisions. Misrepresenting an investment’s potential fees, risks, or other relevant information violates this rule.

What is broker negligence?

Brokers may act in many negligent ways, ranging from omitting material facts to executing unauthorized trades. Investors who have lost money through broker negligence may be able to recover their funds by pursuing FINRA arbitration.

What are UITs?

Unit Investment Trusts (UITs) consist of fixed portfolios of stocks and bonds, similar to mutual funds. However, UITs come with high fees for investors who cash out too soon and lack liquidity. These and other risks can make UITs unsuitable for many investors.

Background Information

Michael Fisher has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 – National Commodity Futures Examination
• Series 7 – General Securities Representative Examination

Michael Fisher is a registered broker in 15 states and a registered investment adviser in New York.

He has also worked for the following firms:

• Wells Fargo Advisors (CRD#:19616)
• UBS Financial Services (CRD#:8174)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• Citigroup Global Markets (CRD#:7059)

Kurta Law Can Help

If you worked with Michael Fisher and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.