FINRA Suspends Dawson James’ Mack Miller For Unsuitable Trading

Soreide Law Group provides you this investor alert in regard to securities broker Mack Leon Miller (CRD#: 2822317, New York, New York). Apparently, FINRA issued a suspension and a fine to Miller for unsuitable trading. Not only that, but three of Miller’s clients disputed his sales practices. He was also allegedly permitted to resign from a securities firm for not complying with company policy. Let’s take a closer look at the troubling allegations surrounding this broker.

FINRA Issues Suspension, Fine To Mack Miller

Apparently, an elderly client of Dawson James and Spartan Capital lost big money because of Mack Miller. In FINRA’s enforcement action from April 2020, the regulator points to instances of Miller’s “quantitatively unsuitable trading.” This basically means that Miller was allegedly excessively trading in the client’s account. Given the client’s investment profile and status as a 79 year old retired person, FINRA questioned how Miller’s actions were justified. Particularly, Miller reportedly caused the client to have a high cost-to-equity ratio through using a short term stock trading strategy.

FINRA indicated that Mack Miller’s investment strategy cost the client a lot in commissions, making it hard for the client to profit. It turns out that Miller caused the client nearly $70,000 in losses. Evidently, Miller’s suspension runs from May 4, 2020 to October 3, 2020. Apparently, Dawson James permitted Miller to resign.

Client Disputes Indicate Miller Misrepresented Information In Connection With Securities Transactions

It appears that in May 2017, a client of Dawson James brought a complaint about Mack Miller. First of all, the client indicated that Miller misrepresented information relating to the client’s investments. Not only that, but the client suggested that Miller’s excessive trading caused losses. For this reason, the client asked for $20,000 in compensation from Dawson James. However, this matter closed without resolution in March 2019.

Coastal Equities Client Indicates That Mack Miller Was Churning

Also, a client of Coastal Equities took aim at Mack Miller through a 2014 complaint. Mainly, the client indicated that Miller was churning the client’s account with stock investments. It seems that Miller may have traded just to make money from the client and did not care whether the client earned a penny. Also, it seems that Miller sold investments which conflicted with the client’s suitability profile. Evidently, Miller paid the client $7,500 to settle the matter.

FINRA BrokerCheck indicates that Mack Miller denies all allegations of misconduct as referenced in disputes about his sales practices.

Losses From Miller?Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses by investing with Mack Miller? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Miller.