Soreide Law Group provides you with the following update regarding securities broker Megurditch “Mike” Patatian (CRD#: 4047060, Charlotte, North Carolina). Specifically, the securities broker, who worked for Western International Securities Inc. from April 2013 to April 2020, faces a FINRA complaint containing accusations of his unsuitable recommendations to clients. Not only that, but investors have come forward with disputes about his sales practices. Here’s more on the allegations that FINRA and investors made about Patatian.
Evidently, in February 2021, FINRA alleged in a complaint that Mike Patatian violated FINRA rules on suitability. Specifically, the securities broker is accused of having clients buy non-traded REITs when he did not reasonably know how those investments worked or what risks they posed. There were some important things that Patatian allegedly overlooked including the features and risks of the investments. Allegedly, he sold products that conflicted with clients’ liquidity needs.
Additionally, FINRA alleged that Patatian had clients paying surrender charges and taxes in connection with variable annuity transactions. Supposedly, at the time the broker did not know about the risks of the variable annuity surrenders and exchanges. Other accusations that FINRA made include Patatian exaggerating or misstating investors’ financials in relation to their investment transactions.
Evidently, a client of Mike Patatian came forward to contest his sales practices in July 2018. Specifically, the client alleged that Patatian did not inform them about the requirements or provisions of selling or otherwise liquidating a REIT. However, this client’s claim has been denied.
It appears that a client of Western International Securities disputed Mike Patatian’s sales practices in June 2017. Specifically, the client alleged that Patatian provided bad advice, and this caused them to experience damages on a real estate security purchase. Given the suitability allegations, Western International Securities opted to settle with the client through paying them $30,000.
It also appears that a client of CUSO Financial Services disputed Mike Patatian’s sales practices. Mainly, the client claimed that Patatian caused them damages because of an annuity switch. According to the client, CUSO or the securities broker misrepresented products, leaving the client to think that they would have a guaranteed return and principal protection. However, this client’s complaint was denied.
Did you happen to suffer losses because of broker Mike Patatian? If so, you should call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about how to possibly recover your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has meaningfully assisted many people in the United States who have incurred losses because of their financial advisors and securities brokers. Please note that Patatian denies all allegations of his sales practice violations.
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