Stoltmann Law Offices is investigating Michael Duch, a former registered broker with Cambridge Investment Research. Duch allegedly sold investments to his clients without permission from Cambridge. This is referred to as “selling away” and is when a broker solicits investment that are not held or offered by his brokerage firm. It is against securities rules and regulations. The Financial Industry Regulatory Authority (FINRA) alleged that Duch recommended that some of his clients invest in Running Springs Oil & Gas LP, an oil and gas investment product in the Bakken shale formation of North Dakota. He was also alleged to have made recommendations in Montana Victory Insurance Services, an insurance company in Montana. For these sales, he was fined $15,000 and suspended from the industry for 20 days.
Michael Duch was registered with FFP Securities in Chesterfield, Missouri from September 1992 until January 2001, Legacy Builders Securities in Fargo, North Dakota from June 2001 until August 2004, Cap Pro Brokerage Services in Columbus, Ohio from January 2001 until September 2005 and Cambridge Investment Research in Aberdeen, South Dakota from September 2005 until August 2010. He is currently registered with Kovack Securities in Aberdeen and has been since July 2010.
Brokerage firms such as Cambridge are responsible for supervising their brokers so they do not violate securities laws. If they do not, they can be held liable for your investment losses. If you invested money with Duch, please call our securities law offices in Chicago at 312-332-4200 to speak to one of our attorneys about your options. The call is free with no obligation.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
