Investor Alert! Five clients of securities broker Wayne Ivan Miiller (CRD#: 4813645, Scottsdale, Arizona) filed disputes about his sales practices, according to Financial industry Regulatory Authority (“FINRA”) BrokerCheck Reports. Notably, these investors’ disputes suggest that Miiller was responsible for private placement offerings that were unreasonable and unprofitable. Here’s more on claims which indicate that Miiller breached a fiduciary duty and sold unsuitable investments to clients.
Accelerated Capital Group Client Indicates Wayne Miiller Breached Fiduciary Duty
Evidently, a client of Accelerated Capital Group brought a dispute about Wayne Miiller on November 25, 2019. In this FINRA Arbitration Claim #: 19-02876, the client indicated that Miiller (or someone who he oversaw) was in breach of a fiduciary duty and in breach of a contract surrounding his sales of private placement securities to a client. It appears that Miiller was negligent and failed to place the client’s interests first with regard to these transactions. Therefore, the client seeks compensation in this ongoing matter.
Miiller Was Allegedly Negligent In Private Placement Offerings
Apparently, a client of Accelerated Capital Group and Aeon Capital brought a dispute about Wayne Miiller on October 10, 2019 through FINRA Arbitration Claim #: 19-03043. Apparently, Miiller was negligent in recommending or selling private placement offerings. Not only that, but the client indicated that the securities broker failed to fulfill his fiduciary responsibility to the client. Because of this, the client asked for $620,000 in compensation in this ongoing matter.
Client Of Accelerated Capital Group Indicates Wayne Miiller Misrepresented, Omitted Alternative Investments
Also, BrokerCheck shows a FINRA Arbitration Claim #: 17-01178 which a client of Accelerated Capital Group filed in May 12, 2017. Similar to the other clients, this client alleged negligence, breach of fiduciary duty and breach of contract. In addition, this client suggested that Wayne Miiller (or someone under his management) misrepresented or omitted facts about alternative investments. Supposedly, Miiller failed to supervise the securities broker or the client’s account. For this reason, on August 15, 2018, Accelerated Capital Group paid the client $95,000 to put this claim to rest.
FINRA Suspends Miiller As Principal, Fines Him $10,000 For Failed Supervision
Notably, per a Letter of Acceptance, Waiver and Consent (“AWC”) dated December 13, 2017, FINRA issued Wayne Miiller sanctions which included a suspension and fine for allegedly failing to supervise as president of Accelerated Capital Group. FINRA says that he did not supervise the CCO or supervisors of the Accelerated Capital Group registered representatives. Apparently, the CCO warned him about her struggle to understand the company’s trade blotter and its mutual fund switch reports. Evidently, this meant that she couldn’t properly surveil the trades that Accelerated Capital Group registered representatives made to determine if any of them were excessively trading. One of those registered representatives was making excessive and unauthorized trades in client accounts.
Losses From Securities Broker Wayne Miiller?
Have you experienced losses by investing with Wayne Miiller or another Accelerated Capital Group securities 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 millions of dollars for clients who have incurred losses due to misconduct of securities brokers and financial advisors.