Investors might have sustained losses due to Michael Archimede [CRD: 5701306, Waukesha, Wisconsin], according to disclosures of regulatory sanctions and an investment dispute on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Archimede worked for PFS Investments Inc. in Waukesha, Wisconsin, from 2010 to 2023. Continue reading to learn more about the specific allegations made against Archimede.
On January 22, 2024, FINRA finalized a regulatory action against Michael Archimede, according to Letter of Acceptance, Waiver, and Consent No 2023080714501. This action was taken due to allegations involving Archimede's non-compliance with FINRA's requests for information. The regulator had concerns of his involvement in activities concerning crypto assets away from his employer, PFS Investments Inc. Notably, Archimede consented to the sanction without admitting or denying the findings. It was found that he had refused to provide certain documents and information and did not appear for testimony as requested by FINRA. This investigation was primarily centered around whether Archimede borrowed client funds for a potential investment in an offering involving crypto assets, outside the purview of PFS Investments Inc.
As a consequence, FINRA imposed a permanent bar on Archimede, effective from January 22, 2024. This sanction prohibits him from engaging in any capacities within the securities industry indefinitely.
In a separate but related matter, PFS Investments terminated its association with Michael Archimede on December 31, 2023. This termination, initially recorded as due to a failure to renew his securities licenses, was later corrected to reflect a permitted resignation during an internal review. Archimede purportedly admitted to borrowing money from a client, which led to this internal review and subsequent change in the reasoning for his termination.
Specifically, on November 9, 2023, a client of PFS Investments Inc. filed a written complaint regarding Michael Archimede. The client alleged that Michael Archimede borrowed money from them, which has not yet been repaid. Consequently, the client claimed to have sustained damages related to mutual funds. As a result, the client is seeking $52,482.12 in compensation from PFS Investments Inc. or Michael Archimede. This complaint remains unresolved as of now.
Did you experience damages because of securities broker / financial advisor Michael Archimede? If so, reach out to Soreide Law Group online or at (888) 760-6552. Discuss with a securities attorney the possibility of recovering your investment losses. Soreide Law Group, assisting investors nationwide, operates on a contingency fee basis and advances all costs. Michael Archimede and the brokerage firms he worked for deny the allegations of sales practice violations.
Steven Graham (CRD 1977736) denies the allegations in a pending customer claim filed on August 11, 2026. The disclosure names Western International Securities as the firm, and the claim involves corporate bonds. No arbitrator has ruled on it. His BrokerCheck report also lists a settled bond dispute and a federal court matter from earlier years.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Peter Po's most recent settlement came on June 28, 2026, when a corporate bond claim settled for $40,000. Po (CRD 3106974) appears in several settled customer disputes over corporate and high-yield bonds. The disclosures name NI Advisors or California Securities as the firm, and each matter ended in a settlement, not a finding.
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