MICHAEL ARCHIMEDE & PFS Lawsuit Filed

Soreide Law Group has filed a FINRA arbitration on behalf of their client (Claimant) against:

PFS INVESTMENTS, INC., and their former registered representative, MICHAEL ARCHIMEDE (Respondents).

The Claimant is retired and living in Wisconsin.  The Claimant maintains accounts with PFS, and while MICHAEL ARCHIMEDE was with PFS, he was the Claimant’s broker. ARCHIMEDE was an employee and registered representative of PFS in Waukesha, Wisconsin, from January 2010, through December 31, 2023. MICHAEL ARCHIMEDE was terminated by PFS on December 31^st, 2023, and was barred from the securities industry on January 22^nd, 2024.

The lawsuit alleges that on or about December 12^th, 2023, MICHAEL ARCHIMEDE solicited his PFS customer (Claimant) to lend him $100,000 as evidenced by a promissory note. MICHAEL ARCHIMEDE allegedly told the Claimant that he could do better with the money than an annuity and that he would be able to return an immediate $50,000 in addition to having his $100,000 principal returned.

According to the lawsuit, no payments have been made, and the Claimant has demanded his money back from MICHAEL ARCHIMEDE. The initial $100,000 was from the Claimant’s IRA account which also resulted in taxes of $23,000.

Although the damage analysis is ongoing, the lawsuit alleges that PFS and their agent’s actions have allegedly caused Claimant out of pocket damages of at least $150,000.00.

The lawsuit alleges, negligence, breach of fiduciary duty, and negligent supervision. The Respondents have not yet responded to the lawsuit and it is anticipated they will deny all liability and wrongdoing.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, MICHAEL ARCHIMEDE had been in the securities industry for 14 years and was only listed with one firm, PFS INVESTMENTS, INC. of Waukesha, Wisconsin.

ARCHIMEDE has 3 disclosures on his FINRA CRD report. One is a “Regulatory” dated January 22, 2024, permanently barring him from the securities industry following the allegations, “Without admitting or denying the findings, Archimede consented to the sanction and to the entry of findings that he refused to provide information and documents and to appear for on-the-record testimony requested by FINRA. The findings stated that FINRA issued its request as part of its investigation into whether Archimede borrowed customer funds in connection with Archimede's potential investment in an offering involving crypto assets away from his member firm.”

On December 31, 2023, there is an “Employment Separation After Allegations,” disclosure from PFS INVESTMENTS allowing MICHAEL ARCHIMEDE to resign following the allegations of, “At the time the representative terminated for failing to renew his securities licenses, he was under internal review based on allegations that he borrowed money from a customer. This filing corrects the termination to show that he was permitted to resign during an internal review after he admitted to borrowing money from a customer.”

The third disclosure is a “Customer Dispute,” dated November 9, 2023, with the allegations, “Client alleged I borrowed money from her for which she has not yet been repaid.”  The damage amount requested is, $52,482.12.

Soreide Law Group posted the following article on our blog regarding MICHAEL ARCHIMEDE dated February 25, 2024: https://www.securitieslawyer.com/michael-archimede-waukesha-wisconsin/

If you or a loved one have experienced investment losses due to the actions or recommendations of the broker, MICHAEL ARCHIMEDE previously listed with PFS INVESTMENTS, INC of Waukesha, Wisconsin, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee if no recovery.