FINRA Sanctions Michael Leahy

Soreide Law Group is investigating possible investor claims against securities broker Michael Leahy (also known as Mike Leahy) [CRD: 1899498, Red Bank, New Jersey]. Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck discloses regulatory actions and disputes involving the securities broker, who worked for First Standard Financial Company LLC. Here is a brief summary of the disclosures about Leahy.

FINRA Sanctions First Standard Financial Company LLC Securities Broker Michael Leahy For Failure To Supervise

Particularly, on January 22, 2020, FINRA issued Case: 2019063631802, which contains sanctions against Michael Leahy for infractions. Specifically, Leahy was barred as a securities principal. Mainly, FINRA alleged that Leahy failed to supervise certain registered representatives.

Namely, FINRA says that from September 18, 2019, through October 8, 2019, during the time that he was associated with First Standard, Leahy failed to supervise a registered representative. Supposedly, that representative engaged in unauthorized, excessive, and unsuitable trading and used margin without authorization. Despite being aware of multiple red flags concerning the representative’s activities, Leahy failed to take corrective action to curtail the representative’s misconduct. Ultimately the representative registration was revoked by the State of New Jersey on October 8, 2019. Leahy violated FINRA Rules 2010 and 3110.

Additionally, on April 12, 2022, Leahy was suspended by FINRA based upon allegations that Leahy failed to comply with an arbitration award (or a settlement agreement) or failed to confirm compliance with FINRA. Case No. 19-03839.

First Standard Financial Company LLC Investor Accused Leahy Of Churning

Specifically, on June 21, 2021, a First Standard Financial Company LLC client filed FINRA Arbitration: 21-01559 about Michael Leahy. Namely, the client alleged that Leahy churned accounts, made unsuitable recommendations, failed to supervise certain registered representatives, breached fiduciary duties, and made misrepresentations and omissions of material fact. Because of this, the client allegedly sustained damages on annuities. Therefore, the client requested $196,836.19 in compensation from First Standard Financial Company LLC or Leahy. Evidently, this arbitration is pending a resolution.

First Standard Financial Company LLC Investor Accused Michael Leahy Of Negligence

Evidently, a client of First Standard Financial Company LLC contested Michael Leahy’s sales practices by filing FINRA Arbitration: 19-03839. Allegedly, Leahy was negligent, made unsuitable recommendations, and failed to supervise certain registered representatives. Also, the client alleged that the broker breached fiduciary duties, breached a contract, and made misrepresentations of material fact. It appears that the securities transactions resulted in damages. Therefore, FINRA Arbitrators issued an Award dated February 2, 2022. Notably, Arbitrators ordered Leahy to compensate the client in the amount of $2,842,976.79.

Leahy Employment Information

• Leahy worked for First Standard Financial Company LLC in Red Bank, NJ, as a securities broker (2017 to 2019)
• Leahy worked for First Standard Financial Company LLC in Staten Island, NY, as a securities broker (2015 to 2016)

Did First Standard Financial Company LLC Securities Broker Michael Leahy Cause You To Experience Damages?

Have you experienced damages by investing with Michael Leahy? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses or other damages. Soreide Law Group, who has successfully recovered money for many investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Leahy and brokerage firms Leahy worked for deny accusations of sales practice violations.