Last Updated: February 2024 (Santa Ana, CA)
Larry Michaels Investigation Summary
Here’s what you need to know about Santa Ana, CA, stockbroker Larry Michaels:
- Name: MR. Larry Joseph Michaels
- Current Employer: Crown Capital Securities,
- DBA: Legacy Advisory Group (RIA)
- Previous Firms: J.P. Turner & Company
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Larry Michaels
- Primary Location: Santa Ana, CA
- CRD 4351477
- Can Larry Michaels be sued in FINRA arbitration: Yes
- Investigated by FINRA: Yes
- Highest Settlement or Award: $200,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Larry Michaels As Your Stockbroker?
FINRA instituted an investigation (Wells Notice examination #202006905) of Larry Michaels in 2/2024. FINRA made a preliminary determination to recommend that disciplinary action be brought against Larry J. Michaels alleging violations of FINRA Rules 3260(b) and 2010 for exercising discretion without prior written authorization and violation of FINRA Rules 3270 and 210 for his undisclosed outside business activities.
[LEARN MORE]: Discretionary vs. Non-Discretionary Accounts
In 2016 a customer of Crown Capital Securities was paid $200,000 to settle a FINRA arbitration alleging that Michaels recommended several unsuitable REIT and partnership investments.
[LEARN MORE]: See this for more information on REITs and Other Alternative Investments
In 2020 another customer of Crown Capital Securities was paid $24,300 to resolve claims that Larry Michaels failed to notify the customer about redemptions of mutual fund positions, causing them to miss out on market gains.
[LEARN MORE]: irms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability
Allegations of Broker Misconduct Against Larry Michaels
Customers of Larry Michaels and securities regulators have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
- Exercising Discretion (Unauthorized Trading)
- Violations of FINRA Rules 3260(b) and 2010
[LEARN MORE]: Other Cases Involving Unauthorized Trading
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Was trading done in your account without your permission?
If you have suffered investment losses in an account handled by Larry Michaels, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.