Investors complained about securities broker Michael Christopher Blumer (CRD: 4861312, Melville, New York). Notably, the securities broker, who worked for SW Financial, disclosed client disputes via Financial Industry Regulatory Authority (FINRA) BrokerCheck. Namely, SW Financial clients allege that Blumer gave unsuitable advice, engaged in excessive trading, and committed other sales practice violations. For more on these disclosures about Blumer, see below.
Michael Blumer Discloses Excessive Trading Allegations By SW Financial Client
Notably, a client of SW Financial contested Michael Blumer’s sales practices by filing FINRA Arbitration: 22-02586 on March 3, 2023. Allegedly, Blumer made unsuitable recommendations, engaged in excessive trading, charged excessive commissions, engaged in unauthorized trading, and was negligent. It appears that Blumer possibly caused the client to sustain damages on over-the-counter equities, common stocks, and preferred stocks. Therefore, the client requested compensation from SW Financial or Blumer in the amount of $117,150. However, the securities firm denied the complaint.
SW Financial Investor Accuses Blumer Of Breach Of Fiduciary Duty
Evidently, on April 18, 2022, a SW Financial client filed FINRA Arbitration: 21-02978 about Michael Blumer. Namely, the client alleged that Blumer was negligent, provided unsuitable advice, and breached a fiduciary duty. Because of this, the client allegedly sustained damages on over-the-counter equities, common stocks, and preferred stocks. Therefore, the client requested $45,405 in compensation from SW Financial or Blumer. Evidently, this arbitration is pending a resolution.
First Standard Financial Company LLC Investor Takes Aim At Michael Blumer
Specifically, a First Standard Financial Company LLC client filed FINRA Arbitration: 21-01256 about Michael Blumer. Namely, the client alleged that Blumer breached a fiduciary duty, churned accounts, acted unethically, made omissions and misrepresentations, engaged in unauthorized trading, and was negligent. Because of this, the client allegedly sustained damages. Therefore, on October 7, 2021, a FINRA Arbitration Panel issued an Award ordering Blumer to pay the client $48,000 in compensatory damages.
Blumer Discloses Unauthorized Trading Allegations By First Standard Financial Company LLC Client
Also, a client of First Standard Financial Company LLC contested Michael Blumer’s sales practices, according to a complaint dated February 15, 2019. Allegedly, Blumer engaged in unauthorized trading. Supposedly, Blumer possibly caused the client to sustain damages on common stocks and preferred stocks. Therefore, the client requested compensation from First Standard Financial Company LLC or Blumer in the amount of $50,000. However, the securities firm denied the complaint.
- Blumer stopped working for SW Financial on February 16, 2023.
- Blumer started working for Spartan Capital Securities LLC on February 15, 2023.
Did SW Financial Securities Broker Michael Blumer Cause You To Experience Damages?
Did you suffer damages because of Michael Blumer? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with an investment lawyer regarding a potential recovery of your investment losses. Soreide Law Group, who has effectively recovered money for hundreds of investors across the United States, represents clients on a contingency fee basis and will advance all costs. Please keep in mind that Blumer and brokerage firms Blumer worked for deny any and all allegations of sales practice violations.
