What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: September 1, 2017

The Financial Industry Regulatory Authority (FINRA) sanctioned former broker Keith Michelfelder for allegedly effecting “at least 16 transactions in the accounts of a member firm customer without having obtained prior written authorization from the customer and written acceptance of the accounts as discretionary by his firm. The findings stated that the firm’s policies prohibited the use of non-firm email addresses to conduct firm business. In 2010 and 2011, Michelfelder signed annual certifications agreeing to use the firm’s domain email only for communications with customers and concerning firm business. Nevertheless, during July 2012, Michelfedler knowingly used a non-firm email address to communicate with the above customer.” For this, Michelfedler was fined $10,000 and was suspended for 60 days. In November 2017, his FINRA registration was revoked for failure to pay fines.

According to online, public records with FINRA, Keith Michelfelder was previously registered with Joseph Gunnar & Co. in New York, New York from July 1998 until August 2012, Aegis Capital in New York from August 2012 until October 2016 and National Securities Corp in New York from September 2016 until October 2017. He has two customer disputes against him alleging unauthorized trading. He has four judgment/liens against him. He is not currently registered as a broker within the industry.

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