Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Cara Michelle Miller (also known as Cara M. Miller, Cara Michelle Smith) [CRD#: 4521819, Rapid City, SD]. Miller previously worked as a broker at multiple firms, including ProEquities Inc. from May 2006 to September 2020. She is currently registered as an investment adviser with Mariner Wealth Advisors.
Recent disclosures reveal concerns about Miller’s conduct, including allegations of unsuitable investment recommendations and failure to perform due diligence.
Client Arbitrations Alleged Unsuitable Recommendations
On August 19, 2024, a client of Concourse Financial Group Securities Inc. filed a FINRA arbitration (FINRA Arbitration No. 24-01781), alleging that Miller made unsuitable recommendations for purchasing alternative investments, including oil and gas securities and real estate securities. The clients are seeking $950,000 in damages. This matter is currently pending resolution.
On May 14, 2024, a client dispute was filed against Miller, alleging unsuitable recommendations for alternative investments while she was employed at ProEquities Inc. The firm settled the matter on July 30, 2024, paying the client $70,000.
On March 28, 2024, another client dispute was filed against Miller for unsuitable recommendations of alternative investments at ProEquities Inc. The case was settled on July 30, 2024, with a payment of $300,000 to the client.
Client Complaints About Cara Miller Alleged Failure to Conduct Due Diligence
On May 3, 2023, a client dispute was filed against Miller while she was with Concourse Financial Group Securities Inc., alleging unsuitable recommendations in oil and gas and real estate securities. The clients sought $590,000 in damages. On December 18, 2023, the firm settled the dispute by paying $420,000. Miller issued a statement denying responsibility, noting that she did not contribute financially to the settlement.
On July 18, 2022, a client dispute was filed against Miller regarding investments in Atlas Growth Partners, L.P. The firm settled the dispute for $208,698.31. Miller again stated that the investment was made by an accredited investor who had acknowledged the potential risk of loss.
On May 18, 2020, a client dispute was filed against Miller, alleging unsuitable investments and failure of the firm to conduct due diligence. The clients sought $500,000 in damages. On September 23, 2020, ProEquities Inc. settled the case for $22,500. Miller stated that she was not a party to the settlement.
Looking for more information about Cara Miller? If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities lawyer. Specifically, the team at Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. Miller and the firms she worked for deny accusations of sales practice violations.
