FINRA Suspends Raymond James Broker Michael Hurtgen For Selling Away
Investor Alert! Evidently, the Financial Industry Regulatory Authority (“FINRA”) and Wisconsin Office of Commissioner of Insurance have sanctioned securities broker Michael Hurtgen (CRD#: 1742647, Greenwood Village, Colorado). Allegedly, the broker, who worked for Raymond James from 2009 to 2016, engaged in unauthorized private placement activities. Here’s more:
FINRA Issues Suspension, $5,000 Fine To Michael Hurtgen For Selling Away, Misleading Investment Materials
Apparently, via a Letter of Acceptance, Waiver and Consent (the “AWC”) executed by FINRA and Michael Hurtgen in 2018, FINRA sanctioned Hurtgen for violating FINRA Rules 3280 and 2010 by engaging in private securities transactions. Apparently, Raymond James’s policies and procedures did not permit Hurtgen to engage in private securities transactions without its approval.
Allegedly, Hurtgen participated in Plan My Affairs, LLC, helping to raise capital for PMA through a private offering. His actions ran contrary to his representations to Raymond James which suggested that he would not raise capital for the organization. FINRA says that Hurtgen solicited 14 individuals, and 10 of them were his clients at Raymond James.
Supposedly, Michael Hurtgen was at least involved in 3 unapproved transactions involving clients’ preferred membership interests purchases. Mainly, Hurtgen introduced the clients to the investment opportunity and provided marketing materials and offering documents. Also, he helped the clients purchase investments by processing their offering documents.
FINRA Indicates That Hurtgen Provided Misleading Information
Moreover, the AWC contains findings of Michael Hurtgen violating FINRA Rule 2210 by distributing a bad presentation and business plan for PMA. Supposedly, Hurtgen provided this to 14 investors including the 3 who purchased preferred membership interests. Notably, FINRA stated that the presentation did not balance benefits with the risks of investing in PMA. Secondly, the materials did not provide investors an adequate basis for subscription forecasts and other evaluations. Furthermore, FINRA says that the presentation and business plan contained misleading statements and contradictory information about risks. Notably, Raymond James disaffiliated with Michael Hurtgen for soliciting the private placements.
Wisconsin Office of Commissioner of Insurance Sanctions Michael Hurtgen
Evidently, Michael Hurtgen’s non-disclosures do not just relate to his employer. In fact, on October 30, 2018, the Wisconsin Office of Commissioner of Insurance imposed a $3,000 fine against Hurtgen for failing to disclose FINRA’s enforcement action. Apparently, the matter was resolved February 26, 2019.
Did Hurtgen Recommend Unsuitable Investments To You?
Lars Soreide Highest Ethical Standard Award 2018
Have you experienced losses by investing in private placements through Michael Hurtgen? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.