FINRA Issues Sanction To Michael May

Soreide Law Group is currently conducting an investigation on behalf of investors who have suffered losses investing with securities broker Michael James May [CRD#: 4712287, New York, NY]. Evidently, May joined VCS Venture Securities on October 4, 2021. He previously worked for Joseph Stone Capital LLC. May's practices have recently come under scrutiny by FINRA. The regulator fined him for excessive and unsuitable trading in November 2021.

FINRA Sanctioned May For Excessive And Unsuitable Trading

Specifically, on November 5, 2021, FINRA issued Case: 2019063821603 sanctioning Michael May for infractions. Specifically, FINRA alleged that May engaged in excessive and unsuitable trading.

Notably, Michael May, while associated with Joseph Stone Capital LLC, purportedly recommended and executed trades that led to a high turnover rate and substantial costs for a client. This was inconsistent with the client’s investment profile and objectives. The client’s account, with an average equity of around $25,331, was subjected to trades amounting to over $265,044 in total principal value. That represented an annualized turnover rate exceeding 10. Also, the broker’s transactions led the client to incur $10,349 in fees, including commissions, trading expenses, and margin interest. This resulted in an excessively high annual cost-to-equity ratio surpassing 40 percent.

In resolving the matter, May consented to the sanctions without admitting or denying the findings. FINRA finalized this action as an Acceptance, Waiver, and Consent (AWC). The sanctions included a three-month suspension from December 6, 2021, to March 5, 2022, and a fine of $5,000 paid by December 30, 2021.

Michael May Disclosed Unauthorized Trading Allegations By Liberty Partners Financial Services LLC Client

Also, a client of Liberty Partners Financial Services LLC contested Michael May’s sales practices by filing FINRA Arbitration: 16-01254. Supposedly, May conducted unauthorized and unsuitable transactions and breached his fiduciary duty. It appears that May's actions led the client to sustain damages on equity over-the-counter products. Therefore, Liberty Partners Financial Services LLC opted to settle the matter on July 7, 2016, by compensating the client in the amount of $5,000.

Seek Legal Counsel If You Have Been Affected By May

Did you experience losses because of Michael May? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. May and brokerage firms he worked for deny accusations of sales practice violations.