Stoltmann Law Offices is investigating Michael J. Howard, who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Howard was registered with Wayne Hummer Investments LLC from September 2009 until he was fired in January 2014. According to his Form U-5 filed by Wayne Hummer Investments: “Mr. Howard was found to have an outside business activity without disclosing, seeking or obtaining firm approval in violation of FINRA Rule 3270 and firm policy.” Howard was found to have provided financial advisory services to a personal friend who was not a customer of Wayne Hummer, and, for this, Mr. Howard received $20,000 in commissions. He also participated in a private securities transaction without seeking or obtaining firm approval, and in which he was loaned $157,191 to buy a real property tax lien certificate, the Cortland Certificate, that he later sold for a profit. This is against securities rules and regulations and is commonly referred to as “selling away.” This is when a broker solicits investments that are not held or offered by his investment firm.
Howard was registered with Proffitt & Goodson Inc. in Knoxville, Tennessee from January 2004 until April 2013. He is not currently registered with any investment firm and not registered as an Investment Adviser Representative, according to his Investment Adviser Public Disclosure record according to the Securities and Exchange Commission (SEC) website. If you invested money with Michael J. Howard, please call our securities law firm based in Chicago at 312-332-4200 to speak with an attorney. You may be able to bring a claim against Howard’s former firm, Wayne Hummer Investments, for failing to properly supervise him. The call is free with no obligation.
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