Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker / financial advisor Michael Peter Sloan [CRD: 2178871, St. Charles, Illinois]. Sloan has worked for Wintrust Investments LLC since August 9, 2010. Previously, he worked for Chase Investment Services Corp. between August 2005 and August 2010. Investors have raised concerns regarding his conduct, alleging misrepresentation and unsuitable recommendations. Keep reading to learn more about the client disputes involving Sloan and their outcomes.
Notably, an investor claim settled for $15,000 on May 25, 2023. The client alleged that Sloan recommended non-traded REITs to maximize his commissions, which led to financial damages. FINRA Arbitration No. 21-02406.
On April 24, 2023, an investor claim settled for $17,000. The client alleged that Sloan gave unsuitable advice concerning non-traded REITs. FINRA Arbitration No. 22-02100.
On July 29, 2022, a client filed FINRA Arbitration No. 22-01628, alleging that the broker made unsuitable recommendations of non-traded REITs while associated with Wintrust Investments LLC. The client asked for $30,700 in damages, but the claim was later withdrawn.
On December 18, 2013, a client of Wintrust Investments LLC made a complaint accusing Michael Sloan of misrepresenting real estate investment trusts (REITs). The client alleged that Sloan promised a seven percent monthly dividend with no downside risk. These investments reportedly were not consistent with the client's conservative investment goals. Evidently this was resolved through a payment to the client.
On July 2, 2010, a client complaint regarding Sloan's conduct settled for $24,684.19. The client alleged that Sloan failed to follow instructions during the sale of variable annuities while employed at Chase Investment Services Corp.
On August 25, 2009, a client made a complaint seeking $75,065.28 in damages. The client accused Sloan of making unsuitable recommendations and misrepresenting material facts about mutual fund investments. However, the complaint was denied.
On August 13, 2007, a client made a complaint about Michael Sloan, alleging that he made unsuitable recommendations of mutual funds during his time at Chase Investment Services Corp. The client requested $15,787 in damages. However, the claim was ultimately denied.
For more information, contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. Sloan and the firms he worked for deny accusations of sales practice violations. Soreide Law Group has experience representing investors throughout the country. The firm handles cases on a contingency basis.
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