Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
Financial Industry Regulatory Authority (FINRA) sanctioned securities broker Michael Stephen Schoolcraft [CRD: 6375300, Lisle, Illinois], based on public information on BrokerCheck. Schoolcraft worked for MML Investors Services LLC from May 17, 2016, to May 1, 2026. Read on to find out more about Schoolcraft’s disclosures.
MML Investors Services LLC reportedly terminated Michael Schoolcraft on May 1, 2026. The firm stated that it terminated Schoolcraft because of inconsistencies between information he gave the firm and information he later provided to FINRA concerning loans from investors.
Particularly, on July 13, 2026, FINRA issued Case No. 2025085271501 sanctioning Michael Schoolcraft. Specifically, Schoolcraft was barred from associating with any FINRA member in all capacities. Notably, FINRA alleged that Schoolcraft refused to provide requested information and documents, violating FINRA Rules 8210 and 2010.
The regulatory matter reportedly originated from a tip involving personal loans from investors. According to FINRA, Schoolcraft initially cooperated with its investigation. On April 20, 2026, FINRA requested additional information and documents under Rule 8210. After Schoolcraft did not respond, FINRA sent a second request on May 29, 2026.
Schoolcraft allegedly acknowledged receiving the requests but stated in a June 15, 2026, email that he would not produce the requested materials. FINRA alleged that this refusal violated Rule 8210, which requires securities professionals under its jurisdiction to provide information and permit inspection of records during investigations. FINRA also alleged that Schoolcraft violated Rule 2010, which requires securities brokers to observe high ethical standards. Schoolcraft accepted the settlement without admitting or denying FINRA’s findings.
Did you experience losses because of Michael Schoolcraft? You can contact Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney regarding a potential recovery of your investment losses. Soreide Law Group has recovered losses for hundreds of investors throughout the United States. Also, our securities lawyers handle cases on a contingency fee arrangement and advance all costs. Schoolcraft and brokerage firms Schoolcraft worked for deny accusations of sales practice violations.
Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
William Tunink (CRD: 2738224) settled a customer claim for $299,000 on August 11, 2026, according to his BrokerCheck report. The customer alleged that he obtained loans from the customer, and that some of the money went into an investment.
Tony Barouti (CRD: 3031995) faces a pending $230,400 customer claim, according to his BrokerCheck report. He says the allegations in it are false. His report also lists SEC administrative and cease-and-desist proceedings from August 2025.
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