Former Fresno financial advisor Steven Hirata (CRD# 1188927) was recently sanctioned by the Financial Industry Regulatory Authority for allegedly refusing...Read More
FINRA Suspends Ex-W&S Advisor Michael Ohlemacher
The Financial Industry Regulatory Authority suspended Maumee, Ohio financial advisor Michael Ohlemacher (CRD# 5759091) in connection to findings of misconduct. FINRA and Securities and Exchange Commission records show that he was most recently registered as a broker with W&S Brokerage Services and as an investment advisor with Sequent Planning.
According to a Letter of Acceptance, Waiver and Consent (No. 2021070251201) issued in July 2022, FINRA sanctioned Mr. Ohlemacher in relation to findings that he engaged in an unapproved outside business activity while a representative of W&S Brokerage Services and its insurance affiliate, W&S Life Insurance Company, from 2012 until 2020. The AWC Letter states that during the period in question, “he referred at least eighty individuals – both W&S Brokerage clients and non-clients – to an insurance company not affiliated with WSLIC.” As part of these activities, the Letter continues, he earned commission payments of more than $95,000. FINRA found that he did not disclose this activity to the firm, and further that he did not receive its approval to participate in the activity, in contravention of firm policies. “In addition,” the AWC Letter continues, he “falsely attested on five annual compliance questionnaires that he had disclosed all outside business activities.”
FINRA found that these activities constituted violations of FINRA Rules 3270 and 2010, suspending him from associating with any FINRA member firm in any capacity for a period of three months. He was also issued a fine of $5,000.
Mr. Ohlemacher’s BrokerCheck report discloses his 2021 termination from W&S Brokerage Services. According to the disclosure, the firm fired him “at the conclusion of an investigation that determined he violated Company policies, including: conducting unapproved outside business activities, supplying WSLIC client information to outside firms, accepting payment for referrals, use of Company property for personal business, and failure to meet reporting requirements under Company policy.”
According to the Financial Industry Regulatory Authority, Michael Ohlemacher holds 10 years of securities industry experience. Based in Maumee, Ohio, he was registered as a broker with W&S Brokerage Services from 2010 until 2021 and is currently suspended from associating with any FINRA member firm. His credentials include the passage of three securities industry qualifying examinations: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO. (Information current as of July 19, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.