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Kalos Advisor Michael Haffling: Suitability Complaints
Orland Park, Illinois financial advisor Michael Haffling (CRD# 5133150) has received numerous investor complaints that reached settlements in recent years. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Kalos Capital and Kalos Management.
Mr. Haffling’s BrokerCheck report discloses six investor complaints. The most recent, filed in 2021, alleged that as a representative of Kalos Capital, he sold “unsuitable, illiquid, high-risk and high commission” alternative investments. In April 2022 the complaint reached a settlement of $13,706.26. In a statement on the complaint’s disclosure, Mr. Haffling wrote that the firm determined “as a business judgment” that a settlement was in its best interests, adding that he was not included in the settlement discussions.
A second investor complaint, filed in 2021, alleged that he breached contract, committed fraud, breached his fiduciary duty, acted negligently, and violated state and federal securities laws while at Kalos Capital. In April 2022 the complaint reached a settlement of $15,750.31.
A third investor complaint, filed in 2021, alleged that he sold unsuitable and over-concentrated investments while at Kalos. In February 2022 the complaint reached a settlement of $75,000.
A fourth investor complaint, filed in 2020, alleged he failed to conduct reasonable due diligence into the representations and disclosures made by a private placement company before recommending the investment to his clients. In 2021 the complaint reached a settlement of $18,331. In a comment on the disclosure, Mr. Haffling stated that he denied “any and all wrongdoing,” asserting that Kalos Capital “determined as a business judgment that it was in the firm’s best interests to resolve the dispute rather than incur the time, business disruption, and legal expenses associated with a protracted arbitration proceeding.”
A fifth investor complaint, filed in 2020, similarly alleged that Kalos Capital failed to conduct reasonable due diligence into the representations and disclosures made by an investment’s issuer. The complaint reached a settlement of $55,000, with Mr. Haffling again stating in a comment on the disclosure that Kalos “determined as a business judgment that it was in the firm’s best interests to resolve the dispute.” A sixth investor complaint, filed in 2020, alleged that he failed to perform proper due diligence and charged high commissions on an investment that performed poorly. In 2021 the complaint reached a settlement of $27,674. In a comment on the disclosure, Mr. Haffling wrote that he and Kalos Capital denied “any and all of the claims.”
According to the Financial Industry Regulatory Authority, Michael Haffling holds 15 years of securities industry experience. Based in Orland Park, Illinois, he has been a broker with Kalos Capital and an investment advisor with Kalos Management since 2013. His past registrations include Madison Avenue Securities in Chicago, Illinois, where he was registered from 2006 until 2013. He is licensed in Arizona, California, Colorado, Illinois, Indiana, Michigan, North Carolina, and Texas. (Information current as of August 3, 2022.)
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