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Michael Finnie: Regulators Sanction LPL/Finnie Capital Advisor
Midlothian, Virginia financial advisor Michael Finnie (CRD# 2112495) allegedly placed investors in securities they had no experience investing in, according to a recent regulatory enforcement action. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with LPL Financial, doing business as Finnie Capital Management.
A recent disclosure on Mr. Finnie’s BrokerCheck report describes his recent sanction by the Virginia State Corporation Commission. According to the disclosure, the commission sanctioned him in connection with allegations that “in multiple instances Finnie’s clients had no prior experience investing in the securities he placed them in and the investments represented a significant portion of their assets.” The Commission alleged further that “despite the clients requesting additional cash income from their investments, their returns were re-invested.” He settled the action by paying a fine of $1,500.
Mr. Finnie’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2002, alleged that as a representative of AG Edwards & Sons, he made misrepresentations of material facts, committed fraud, acted negligently, breached his fiduciary duty, violated the Virginia Securities Act, and recommended unsuitable investments. In 2003 the complaint reached a settlement of $125,000.
A second investor complaint, filed in 1999, alleged that he did not fully explain the risks of a transaction when he was a representative of First Union Brokerage Services. In 2000 the complaint reached a settlement of $5,427.73.
According to the Financial Industry Regulatory Authority, Michael Finnie holds 31 years of securities industry experience. Based in Midlothian, Virginia, he has been a broker and an investment advisor with LPL Financial since 2022 and 2023, respectively. His past registrations include JW Cole Financial (Midlothian, Virginia; 2018-2022), Securities America (Alexandria, Virginia; 2010-2018), Raymond James Financial Services (Richmond, Virginia; 2001-2010), AG Edwards & Sons (St. Louis, Missouri; 2000-2001), First Union Brokerage Services (Charlotte, North Carolina; 1996-1998), HJ Meyers & Company (Rochester, New York; 1994-1996), and FN Wolf & Company (1991-1994). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 licensed in the District of Columbia, Florida, South Carolina, and Virginia. (Information current as of February 5, 2023.)
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