FINRA Issues Suspension To Mike Hartlett For Discretionary Trading At LPL Financial
Soreide Law Group is investigating possible investor claims or disputes against LPL Financial securities broker Michael Miles Hartlett (“Mike Hartlett”) (CRD#: 1022139, East Petersburg, Pennsylvania). Namely, the Financial Industry Regulatory Authority (FINRA) suspended and fined Hartlett for allegedly making discretionary trades in violation of FINRA rules. Also, the broker is involved in four investor disputes about suitability, and two of those disputes concern his actions at Invest Financial Corporation, where he worked from 2010 to 2018 as a financial advisor and 2007 to 2018 as a securities broker. Here’s more.
FINRA Takes Action Against Mike Hartlett To Resolve Discretionary Trading Allegations
Evidently, in October 2021, FINRA had Mike Hartlett serve a 10-day suspension as a stockbroker and pay a $5,000 fine to resolve allegations of his violation of FINRA rules in connection with discretionary trading at LPL Financial, where he worked from 2018 to 2021 as both a securities broker and financial advisor.
Supposedly, Mike Hartlett’s 22 trades from 2008 to 2020 lacked written authorization from a client. FINRA rules require securities brokers to have written permission from clients for discretionary trading and written permission from the securities firm. In this case, LPL Financial did not authorize the broker for exercising discretion in brokerage accounts. In addition, he purportedly did not reveal this type of trading when he completed compliance questionnaires. Notably, Hartlett will serve the suspension from November 15, 2021, to November 29, 2021.
Invest Financial Corporation Client Alleges Bad Advice By Hartlett
Evidently, a client of Invest Financial Corporation disputed Mike Hartlett’s sales practices. Supposedly, Hartlett unsuitably recommended trades of mutual funds and stocks. Mainly, suitability covers an investor’s risk tolerance, goals, and financial circumstances, among other things. Supposedly, unsuitable transactions caused the client to experience $160,000 in damages. However, Invest Financial Corporation denied this dispute.
Client Of Invest Financial Corporation Alleges Bad Mutual Fund Recommendation By Mike Hartlett
Also, an Invest Financial Corporation client lodged a dispute in Florida about Mike Hartlett’s mutual fund trading. Mainly, the client took issue with Hartlett’s recommendation of a mutual fund. Supposedly, this was not suitable. Because of this, the Invest Financial Corporation client received a $45,000 payment as a settlement of this matter.
Prior Disputes Allege Suitability Problems
It appears that two Financial Network Investment Corp clients complained about Mike Hartlett. One complaint from 2005 concerns suitability. Notably, the investor received $38,500 to settle their allegations of unsuitable mutual fund recommendations by Hartlett. In the other dispute, the client took issue with inappropriate mutual fund trading. It seems that this client received a $38,000 payment from Financial Network Investment Corp to resolve this matter.
Losses By Investing With Hartlett?
Note that securities broker Mike Hartlett denies allegations of his sales practice violations. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered substantial compensation for US clients who have experienced losses from their securities brokers and financial advisors.