Richard Michalski Tied To Laidlaw Client’s Dispute Over Breach Of Fiduciary Duty

Investors might have sustained losses due to securities broker Richard G. Michalski [CRD: 4588706, New York, New York], according to disclosures on FINRA BrokerCheck. Evidently, Michalski has worked for Laidlaw Company (UK) Ltd. since October 27, 2010. Below, you can find important information about what investors allege took place.

Michalski Involved In Investor Dispute Regarding Breach Of Fiduciary Duty At Laidlaw

Specifically, on September 23, 2024, a Laidlaw Company (UK) Ltd. client filed FINRA Arbitration No. 24-01977 about Richard Michalski. Supposedly, Michalski breached his fiduciary duty. Because of this, the client allegedly incurred damages through investing in stocks, over-the-counter equities, and private placements. Consequently, the client requested $399,000 in compensation from Laidlaw Company (UK) Ltd. or Michalski. This arbitration is pending a resolution.

SEC Sanctioned Richard Michalski For Violation Of Regulation Best Interest

Also, on November 20, 2023, the United States Securities and Exchange Commission (SEC) issued Case: 3-21801 sanctioning Richard Michalski. Notably, Michalski was censured, dealt a six-month suspension, and required to pay a $44,253 penalty. Notably, the SEC alleged that Michalski violated Regulation Best Interest (Reg. BI) obligations.

According to the SEC, between 2020 and 2021, Michalski, along with another broker, made a series of recommendations to four investors without having reason to believe that the volume of transactions was suitable. The SEC alleged that this pattern of activity was excessive and prioritized the brokers’ financial interests. SEC found that Michalski violated Exchange Act Rules 15l-1(a)(2)(ii)(C) and 15l-1(a)(1).

Michalski was suspended from associating with investment advisories or brokerage firms from December 4, 2023, through June 3, 2024.

Michalski Disclosed Sales Practice Allegations By Casimir Capital L.P. Client

Also, a client of Casimir Capital L.P. contested Richard Michalski’s sales practices, according to a complaint. Allegedly, Michalski charged excessive commissions. Allegedly, Michalski caused the client to sustain damages through investments in over-the-counter equities. Because of this, Casimir Capital L.P. chose to settle the matter on December 16, 2008, by compensating the client in the amount of $35,000.

Were You Impacted By Securities Broker / Financial Advisor Richard Michalski?

Do you have concerns or questions about your investments with Richard Michalski? If so, contact Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney about a possible recovery. Soreide Law Group has recovered losses for investors throughout the United States. The firm also works on a contingency fee basis and advances all costs. Michalski and the securities firms Michalski worked for deny allegations of sales practice violations.