Michael Kirwan Allegedly Engaged in Unauthorized Trading

Michael Kirwan (CRD #: 270892), a broker registered with American Portfolios Financial Services, is the subject of an investor dispute involving a variable annuity. This disclosure appears on his BrokerCheck record, accessed on September 26, 2023. Keep reading if you have questions about his alleged conduct. 

On July 10, 2023, an investor alleged that Michael Kirwan engaged in unauthorized trading in the subaccounts of a variable annuity. 

Variable Annuities

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

FINRA Rule 3260

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

Regulatory Action 

On August 13, 2014, Michael Kirwan entered into an Acceptance, Waiver, and Consent agreement (AWC), in which he consented to the findings that he signed a customer’s name to an annuity withdrawal request. It transpired that the request was fraudulent. As part of the terms of the AWC, Michael Kirwan consented to a $5,000 fine and a two-month suspension. 

You can read a copy of the AWC here. 

Background Information 

Michael Kirwan has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 1 Registered Representative Examination 

He is a registered broker in Colorado, New Jersey, and Pennsylvania. 

During his 52 years of experience, Michael Kirwan has registered with 12 firms: 

• American Portfolios Financial Services (CRD #: 18487) 
• American Portfolios Advisors (CRD #: 112697) 
• BCG Securities (CRD #: 70) 
• The Kirwan Companies Advisory (CRD #: 111833)
• First Allied Securities (CRD #: 32444) 
• FFP Securities (CRD #: 16337) 
• The Concord Equity Group (CRD #: 14569) 
• Financial Network Investment Corporation (CRD #: 13572) 
• Chris Securities (CRD #: 4453) 
• Home Life Insurance Company (CRD #: 4184) 
• Uni EQ Investment Group (CRD #: 7341) 
• University Equities Corp (CRD #: 10000001) 

Kurta Law Can Help

If you worked with Michael Kirwan and 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 that 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.