Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Michael Ryan Coyne (also known as Mike Coyne) [CRD: 4674176, Wheaton, Illinois]. Michael Coyne has been employed with First Trust Portfolios L.P. since September 22, 2015, and First Trust Advisors LP since November 5, 2015.
Recent disclosures report 14 client disputes, many alleging improper practices relating to equity-linked notes, with requested damages exceeding $7 million.
First Trust Portfolios Client Files Arbitration Claim Alleging Unsuitable Recommendations – September 12, 2024
On September 12, 2024, a FINRA arbitration claim was filed by a client of First Trust Portfolios L.P. naming Michael Coyne as a co-respondent. The claim alleges that Mr. Coyne participated in the design of equity-linked notes that were purchased for the client’s account, resulting in unsuitable recommendations.
This matter is currently pending resolution, with the client requesting $125,000 in damages. First Trust Portfolios denies the allegations, asserting that neither Mr. Coyne nor the firm directly interacted with the client or provided investment recommendations.
Securities Client Files Arbitration Claim Alleging Misrepresentation – June 17, 2024
On June 17, 2024, two FINRA arbitration claims were filed by clients alleging that Michael Coyne, along with First Trust Portfolios, engaged in misrepresentation while designing equity-linked notes. These claims seek damages of $500,000 each.
The matters remain pending, with First Trust Portfolios stating that neither the firm nor Mr. Coyne interacted with the clients. First Trust maintains its role was limited to wholesaling structured products to advisors.
Investor Files Arbitration Claim Alleging Failure to Disclose Risks – June 13, 2024
A FINRA arbitration claim filed on June 13, 2024, alleges that Michael Coyne failed to disclose risks associated with equity-linked notes designed for a client’s account. The claim requests $3,700,000 in damages.
This matter is still pending. First Trust Portfolios denies any wrongdoing, explaining that neither the firm nor Mr. Coyne had direct interactions with the client.
Securities Client Files Arbitration Claim Alleging Unsuitable Product Recommendations – May 7, 2024
On May 7, 2024, another arbitration claim was filed against Michael Coyne, seeking $1,000,000 in damages. The client alleges unsuitable product recommendations involving equity-linked notes.
The case is pending resolution. First Trust Portfolios reiterates its defense, stating it had no direct involvement with the client or their account.
Multiple Claims Filed for Alleged Misconduct by Coyne – May 2, 2024, to June 14, 2024
Between May 2, 2024, and June 14, 2024, multiple claims were filed, each involving similar allegations against Michael Coyne. These cases collectively request damages ranging from $70,000 to $500,000. The primary allegations involve unsuitable recommendations, misrepresentation, and failure to disclose risks of equity-linked notes.
All matters are pending, with First Trust Portfolios denying the claims and asserting its limited involvement as a wholesaler of third-party structured products.
Looking for more information about Michael Coyne? If so, reach out to Soreide Law Group online here or at (888) 760-6552 to speak with a securities attorney. Soreide Law Group takes cases on contingency, advances all necessary costs, and helps investors nationwide recover losses from sales practice misconduct, though outcomes may vary. Coyne and the firms he worked for deny accusations of sales practice violations.
