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.
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