Soreide Law Group is evaluating possible investor claims against Accelerated Capital Group President Wayne Miller (CRD#: 4813645, Scottsdale, Arizona). Notably, Miller reports 4 client disputes on FINRA BrokerCheck which settled through payments to clients, and a FINRA suspension and fine for his alleged supervisory deficiencies. It appears from these disclosures that Miller may have been responsible for negligent trading and securities practices. Here’s more on the alarming allegations against Wayne Miller:
Accelerated Capital Group Client Brings Dispute Indicating Wayne Miller Failed To Supervise
A client of Accelerated Capital Group brought FINRA Arbitration #: 17-01178 on May 12, 2017. First of all, the client alleged that someone under Miller’s control over-concentrated the client’s assets in alternative investments. Supposedly, the securities broker not only omitted facts about those investments, but also misrepresented important information to induce transactions. The client also asserted breach of fiduciary duty and breach of contract. Evidently, Accelerated Capital Group settled these allegations on August 15, 2018 by agreeing to pay the client $95,000.
Client’s Arbitration Indicates Violations Of Securities Laws In Connection With Equity Trades
Evidently, on June 6, 2016, an Accelerated Capital Group client brought FINRA Arbitration #16-01433. Namely, the client contended in this June 6, 2016 matter that Miller was responsible for the sales practice violations of an Accelerated stockbroker. The client asserted causes of action including violation of federal securities laws, California securities laws and regulatory rules. Eventually, Accelerated Capital Group settled this matter in 2017 by paying the client $110,000.
Accelerated Capital Client Claims Wayne Miller Responsible For Unauthorized Trading
A third dispute about Miller comes from an Accelerated Capital Group client who filed FINRA Arbitration #: 15-03471. Principally, the client contended in this January 2016 matter that Miller controlled a securities broker who made trades without any client authorization. Not only that, but the Accelerated broker supposedly engaged in excessive trading. For this reason, Accelerated Capital Group opted to settle this matter in 2016 by compensating the client to the tune of $165,000.
FINRA Issues Miller Six Month Suspension As Principal And $10,000 Fine For Bad Supervision
Miller executed an Acceptance, Waiver and Consent (“AWC”) in 2017 to resolve FINRA’s allegations of his failure to supervise Accelerated Capital Group in violation of FINRA rules. The AWC findings, which Miller accepted without admission of liability, show that Miller did not supervise his CCO and direct supervisor. Supposedly, Miller delegated supervision to the CCO but then failed to make sure that the CCO did her job correctly. Among other things, the CCO told Miller that she did not know how to evaluate Accelerated’s trade blotter and switch reports.
Moreover, Miller learned about an Accelerated broker possibly making bad trades in client accounts but insufficiently responded. Apparently, the CCO or other supervisors did not speak with affected clients to ensure that they authorized certain trades. The AWC contains findings of the broker making unauthorized, excessive trades affecting 9 clients. Not only that, but the unsupervised broker also made unsuitable swing trades in clients’ accounts. Miller’s suspension lasted from January 2018 to July 2018.
Did you experienced losses because of Wayne Miller’s failure to supervise brokers who traded in your accounts? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 suffered losses due to misconduct of brokers and brokerage firms.