Last Updated: January 2025 (Richardson, TX)
Michael Anthony Tannery Investigation Summary
Here’s what you need to know about Richardson, TX, stockbroker Michael Tannery:
- Name: Mr. Michael Anthony Tannery
- Current Employer: Independent Financial Group, LLC
- Prior Employers: LPL Financial, Merrill Lynch, Prudential Securities
- DBA: Tannery Company
- CRD Number: 1538345
- Function: Stockbroker / Financial Advisor/ Accounting/ Wealth Management
- Primary Location: Richardson, TX
- Aliases: Michael Tannery
- Can Michael Tannery be sued in FINRA arbitration? Yes
- Sanctioned by Texas State Board of Accoutancy: Yes
- Highest Settlement or Award: $95,280
- Pending Customer Dispute Seeks Damages of: $150,000
If you’ve sustained damages from Mr. Tannery, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Tannery As Your Stockbroker?
A customer of Independent Financial Group, LLC, has filed a pending complaint seeking damages of $150,000. The allegations include unsuitable investment recommendations, failure to disclose risks associated with complex investments like non-traded REITs, and inadequate explanation of illiquidity and lack of transparency.
See this for more information on REITs and Other Alternative Investments
In a prior customer dispute, a client of Merrill Lynch settled for $95,280.06 over allegations that Mr. Tannery failed to properly deliver shares in a timely manner, impacting the client’s account.
Allegations of Broker Misconduct Against Michael Tannery
Customers of Michael Tannery have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
Allegations that Mr. Tannery did not adequately disclose the risks and complexities of certain alternative investments, including non-traded REITs, violating FINRA Rule 2111 on suitability. - Negligence and Failure to Follow Instructions
A customer dispute alleged negligence and unauthorized trading related to exchange-traded funds during his tenure at LPL Financial, though the complaint was denied.
Other Cases Involving Unauthorized Trading
- Use of CPA Designation Without a Valid License
The Texas State Board of Public Accountancy issued a cease-and-desist order in 2006 after Mr. Tannery used the CPA designation without an active license, violating regulatory standards for professional integrity. - Customer Complaints and Disputes
Multiple complaints were filed, including:- Allegations of mismanagement at Prudential Securities Inc., with implied damages exceeding $5,000 (status: closed with no action).
- Allegations of negligence and unsuitable trades at LPL Financial (status: denied).
- Employment Termination at Merrill Lynch
Mr. Tannery was discharged in 1998 for using time discretion to complete a trade without explicit customer approval.
The Financial Industry Regulatory Authority (FINRA) requires brokers to disclose customer disputes, regulatory sanctions, and financial matters like judgments or liens.
Recover Your Investment Losses Now With Rex Securities Law
Our Investigations of other Independent Financial Group brokers
If you have suffered investment losses in an account handled by Michael Tannery, 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.