PFS Broker Michael Archimede Sanctioned, Involved In Investor Complaint

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.

FINRA Barred Archimede For Alleged Non-Compliance In Investigation

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.

Michael Archimede Resigned From PFS Amid Allegations Of Misconduct

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.

PFS Investor Accused Archimede Of Borrowing Funds

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.

Seek Legal Assistance For Losses Due To Michael Archimede

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.