Geneos Clients Indicate That Michael Osland Sold Unsuitable Investments
Soreide Law Group is reviewing the possible advancement of investor lawsuits against securities broker Michael John Osland (CRD#: 1791642, Scottsdale, Arizona). Namely, the securities broker has been involved in two investor disputes involving allegations of his sales practice violations at Geneos Wealth management where he has maintained employment since December 2008. Let’s take a closer look at these disclosures.
Geneos Wealth Management Client Alleges Breach Of Contract, Suitability By Michael Osland
Evidently, on July 21, 2020, a client of Geneos Wealth Management filed a lawsuit in regard to Michael Osland’s sales practices. First of all, the client alleged that mutual fund investments were not suitable. Secondly, Osland supposedly acted in breach of contract. For this reason, the client demands compensatory relief. Evidently, this matter is ongoing.
Client Indicates Osland Made Unsuitable Recommendations At Geneos Wealth Management
Apparently, a Geneos Wealth Management client came forward with a dispute about Michael Osland in December 2017. In this FINRA Arbitration Claim, the client mainly alleges that from 2008 to 2017, Osland’s investment advice was not suitable. It seems that the client invested in a variable annuity, mutual fund, oil and gas security, real estate security and other advisory investments that did not match the client’s investment objectives, risk tolerance or other suitability criteria. Apparently, Geneos Wealth Management opted to resolve this matter through making a $125,000 payment to the client in April 2019.
North Dakota Securities Commissioner Fines Michael Osland For Unauthorized Advisory Activities
Also, a 2001 disclosure shows that North Dakota Office of the Securities Commissioner fined Michael Osland. Supposedly, Osland acted as an adviser for North Dakota residents but was not registered as an advisor in North Dakota. North Dakota made Osland pay a $1,500 fine and ordered him to stop engaging in advisory activities without registration.
Did You Experience Losses By Investing Through Osland?
If you lost money because of Michael Osland, then contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Osland denies allegations of his sales practice violations.