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Honor Investment Advisor Mike Baumann Faces $295K Complaint
Melbourne, Florida financial advisor Mike Baumann (CRD# 1518081) recently received an investor complaint alleging his conduct resulted in losses. Records provided by the Financial Industry Regulatory Authority and the Securities and Exchange Commission show that the former Berthel Fisher & Company broker is currently registered as an investment advisor with Honor Financial Group.
Mr. Baumann’s BrokerCheck report discloses one investor complaint. Filed in April 2023, it alleges that as a representative of Honor Investment Group, he recommended an unsuitable corporate bond investment. The pending complaint alleges damages of $295,000.
One of many vital investor protections is FINRA’s suitability standard. As explained by FINRA Rule 2111, the standard requires brokers and firms to “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.” Registered representatives who do not have that reasonable basis, or who recommendation transactions that aren’t suitable for their customers, may be found to have violated this rule.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Mike Baumann holds 35 years of securities industry experience. Based in Melbourne, Florida, he has been an investment advisor with Honor Financial Group since 2010. His past registrations include Berthel Fisher & Company Financial Services (Melbourne, Florida; 2015), Center Street Securities (Indian Harbour Beach, Florida; 2011-2013), USA Financial Securities Corporation (Indian Harbour Beach, Florida; 2007-2008), John J. Carroll & Company (Cold Spring Harbor, New York; 1988-2007), and Merrill Lynch (New York, New York; 1986-1987). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is currently registered as an investment advisor in Florida. (Information current as of May 14, 2023.)
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.