Legend Securities Broker Michael Stanton Allegedly Failed To Supervise, Breached Fiduciary Duty

Soreide Law Group is investigating potential investor claims involving securities broker Michael Salvatore Stanton [CRD#: 1448072, New York, New York]. Notably, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck reports that the securities broker, who was a branch office manager for Legend Securities Corp. from 2013 and 2016 before joining SW Financial last year, is involved in 3 investor disputes. Notably, clients of Legend Securities suggest that Stanton breached a fiduciary duty, negligently recommended or sold investments, and deceived investors. The following contains a summary of some alarming disclosures concerning Stanton:

Legend Securities Client Indicates Michael Stanton Breached Fiduciary Duty

Evidently, on January 11, 2019, a Legend Securities client filed FINRA Arbitration #: 18-04040 about Michael Stanton. Supposedly, the securities broker possibly breached his fiduciary responsibility, placing his interest ahead of the client’s. Allegedly, the securities broker imprudently and unreasonably recommended or sold securities, and even deceived the client. Also, the client suggested that the securities broker dishonored an investment agreement. Moreover, Legend Securities supposedly failed to supervise him. Because of this, the client requested $15,000,000 in compensation from Legend Securities Corp. or Stanton. It appears that this arbitration is pending a resolution.

Stanton Allegedly Excessively Traded In Legend Securities Client’s Account

Apparently, a client of Legend Securities contested Michael Stanton’s actions by filing FINRA Arbitration #: 16-03695 on March 6, 2017. Allegedly, the securities broker processed an unreasonably high number of trades that the securities firm failed to oversee . It appears that investment recommendations did not comport with the client’s goals, risk tolerance or other criteria relating to suitability. It also seems that the client experienced losses from investing in variable annuities and stocks. Consequently, Legend Securities agreed to settle this dispute on July 9, 2018 through paying the client $20,000.

FINRA Sanctions Michael Stanton

Evidently, on May 25, 2017, FINRA issued a Decision and Order of Offer of Settlement #: 2015048048801 suspending Michael Stanton in all capacities from June 2017 to January 2018 and fining him $5,000 for violating FINRA and NASD rules on supervision. Mainly, FINRA asserted that Stanton did not supervise securities broker Hank Werner who violated securities laws or FINRA rules by preying on a disabled widow. Apparently, Werner churned the client’s account, trading primarily to generate commissions.

Did Legend Securities Broker Michael Stanton Sell You Bad Investments?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with Michael Stanton? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Stanton and brokerage firms.