The Financial Industry Regulatory Authority (FINRA) reportedly issued a suspension and fine to securities broker Michael Alan Biedny (CRD#: 867868, Clarence, New York). This is to resolve allegations of Biedny violating a FINRA rule by concealing money he received from a senior investor. In addition, three investors filed disputes about him. Two disputes involve Raymond James Financial Services clients that allege misconduct by him. And Raymond James discharged Biedny for accepting personal checks from investors and failing to comply with the firm’s investigation into his involvement with its clients. Here’s a closer look at these disclosures.
Specifically, Michael Biedny agreed to a suspension as securities broker between November 16, 2020, and May 15, 2021, and to pay a $10,000 fine to resolve allegations of his alleged violation of FINRA rules. Namely, Biedny seemingly accepted $118,000 from a client, which he concealed from Raymond James Financial Services. Supposedly, this reflected 10 percent of the client’s net worth. It appears that the broker tried to circumvent the firm’s policies on accepting gifts of more than $100 per year from clients. Biedny allegedly denied receiving a gift from a client when his supervisor questioned him.
Moreover, a client of Raymond James Financial Services contested Michael Biedny’s sales practices. Specifically, he supposedly failed to reinvest dividends in the client’s account. In addition, the broker supposedly accepted personal checks from the client. For this reason, Raymond James Financial Services opted to pay the client $81,000 to resolve this matter.
It seems that a second Raymond James Financial Services client took issue with Michael Biedny’s receipt of funds. Supposedly, in 2018, Biedny solicited and accepted money from the client, resulting in damages. However, Raymond James Financial Services denied this dispute.
FINRA also shows that a client brought a dispute about Michael Biedny’s actions at Fittin Cunningham Lauzon. Supposedly, Biedny omitted and misrepresented facts relating to securities transactions. In addition, he purportedly made an unauthorized and unsuitable transaction, resulting in damages. For this reason, Fittin Cunningham Lauzon agreed to pay $23,500 to the client to resolve the matter.
Apparently, securities broker Michael Biedny denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered substantial compensation for US clients who have experienced losses from their securities brokers and financial advisors.
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