Michael J. May Investigation
April 2022- Mineola, NY
According to publicly available records, Michael James May, a broker who formerly worked for Joseph Stone Capital discloses a regulatory event and a settled customer dispute.
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.
In 11/2021, in FINRA case #2019063821603 May consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading, including the use of margin, in a customer’s account. FINRA found that May recommended more than $265,000 in trades in an account with an average equity of $25,000. As a result the customer paid commissions in excess of $10,000. The sanctions ordered were a three month suspension (12/6/21-3/5/2022) from FINRA in all capacities and a $5,000 fine levied against May individually.
What is Excessive Trading (Churning)?
May is currently employed by VCS Venture Securities in NYC. May was employed with Joseph Stone Capital from 2/2021-10/21. Earlier in his career he was with Joseph Stone Capital from 7/2015-6/2020.
See this for our investigations of other VCS Venture Securities brokers
If you have losses in an account handled by Michael May, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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