The Soreide Law Group (888-760-6552) obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, July 2016.”
David Michael Miller (CRD #5461431, Columbus, Ohio)
was barred by FINRA, required to pay a total of $799,161.07, plus interest, in restitution to clients, and required to pay to FINRA a fine of $15,161.54, plus interest, for allegedly failing to conduct reasonable diligence before recommending UITs (Unit Investment Trusts) to his clients, and failed to have reasonable grounds for believing his recommendations were suitable for the investors.
FINRA’s findings stated that Miller made unsuitable recommendations of UIT purchases totaling more than $5.3 million in client accounts, but did not undertake reasonable diligence to ensure he adequately understood the features and risks of the UITs before recommending them, causing his clients to lose money.
According to FINRA, Miller negligently misrepresented and failed to disclose material facts to clients in connection with their purchases of UITs, and acted negligently in misrepresenting material facts to another client when recommending the client maintain his UIT holdings, because he failed to conduct reasonable diligence on the UITs.
The FINRA report states that Miller never read a UIT prospectus before making his recommendations, and did not understand features of the UITs, including how they were valued at maturity, risks, volatility and use of leverage. Miller’s unsuitable recommendations and misrepresentations and omissions caused his clients to lose a total of $1,019,656.83.
(FINRA Case #2013036874901)
After 5 years of registration in the securities industry, FINRA has permanently barred David M. Miller from acting as a broker or otherwise associating with firms that sell securities to the public. The firms he was registered with were:
07/2008 - 08/2013 THE HUNTINGTON INVESTMENT COMPANY - COLUMBUS, OH
02/2008 - 07/2008 NEW ENGLAND SECURITIES - COLUMBUS, OH
If you or a loved one have suffered losses in risky UITs due to the recommendations of former broker, David M. Miller, formerly with The Huntington Investment Company of Columbus, Ohio, or other broker/dealers, contact Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee.
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