Last Updated: December 2023 (The Villages, FL )
Michael Whitaker Investigation Summary
Here’s what you need to know about The Villages, FL, stockbroker Michael Whitaker:
- Name: Mr. Michael Joseph Whitaker
- Current Employer: Newbridge Securities
- DBA: Michael L. Whitaker & Associates
- Function: Stock Broker/ Financial Advisor
- Aliases: Michael Whitaker
- Primary Location: The Villages, FL
- CRD 6316100
- Can Michael Whitaker be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: of $45,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Whitaker As Your Stockbroker?
Two customers of Newbridge Securities have settled cases. Both relate to alternative investments which were recommended by Michael Whitaker, according to FINRA records. One customer was paid $45,000 and the other was paid $30,000.
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 Whitaker
Customers of Michael Whitaker have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation
- Violation of the Best Interest Rule
- Negligent Supervision
“The SEC’s Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934 establishes a “best interest” standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts.
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.
Firms 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. FINRA Rule 2111- suitability
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Michael Whitaker, 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.
