Last Updated: December 2023 (Homosassa, FL)
Michael Todd Investigation Summary
Here’s what you need to know about Homosassa, FL, stockbroker Joseph Michael Todd:
- Name: Mr. Joseph Michael Todd
- Current Employer: Barred from securities industry by FINRA
- DBA: Todd Financial Services
- Previous Firms: Centaurus Financial, Investors Capital Corp. , Edward Jones
- Function: Stock Broker/ Financial Advisor
- Aliases: Michael Todd
- Primary Location: Homosassa, Florida
- CRD 1830390
- Can Michael Todd be sued in FINRA arbitration: Yes
- Sanctioned by FINRA & SEC : Yes- Permanently barred
- Discharged by a prior employer: Yes
- Highest Settlement or Award: $615,625
- Six Pending Customer Disputes Seek Damages in excess of $1.5 million
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Todd As Your Stockbroker?
In 8/2023 the Securities and Exchange Commission (SEC) permanently barred Michael Todd from the securities industry. The SEC complaint alleged that from at least August 2016 through November 2022 Todd misappropriated investor funds, falsely telling investors that their funds would be invested in securities and sent out false statements to hide the truth from the investors.
In 9/2023 a customer of Centaurus Financial was paid $615,625 to settle a FINRA arbitration alleging that Michael Todd misrepresented illiquid , high risk and unsuitable investments and stole funds that were supposed to be invested in safe, liquid fixed income securities.
There are presently 10 pending FINRA arbitrations brought by customers of Centaurus alleging unauthorized trading, unsuitable investment recommendations and theft of funds. Total damages sought exceed $1.5 million.
Centaurus Financial discharged Michael Todd in 7/2022 for various violations of firm policy. Todd had been with Centaurus since 2016.
Todd’s FINRA CRD indicates that he is stewardship chairman for the First Baptist Church of Crystal River.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
Allegations of Broker Misconduct Against Michael Todd
Customers of Michael Todd have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in high risk illiquid investments
- Misappropriation of customer funds
- Unauthorized Trading
- Elder Financial Fraud
- Sending phony statements to customers
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
If you have suffered investment losses in an account handled by Michael Todd, 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.
