Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Michael Nixon: Tampa Financial Advisor Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against Tampa, Florida broker and investment advisor Michael Nixon (CRD# 2169631) suspended him over allegations he improperly exercised discretionary authority in customer accounts. A representative of Paulson Investment Company, Nixon was suspended for 15 days and ordered to pay a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018056269002) dated August 2019, Michael Nixon was registered with Paulson Investment Company when, between May 2017 and 2018, he “placed at least 66 trades on behalf of at least 19 customers on a discretionary basis” but without speaking to those customers on the day of the transactions. FINRA’s findings state that he had received the customers’ authorization to make the purchases in question, but he had not received their written authorization to exercise discretion in their accounts, and further had not sought or received his firm’s written acceptance of the accounts in question as discretionary. He also allegedly falsely attested on an annual firm compliance questionnaire that he had not exercised discretion in any customer accounts, though by this point some of the transactions had already been effected. FINRA found that these activities constituted violations of NASD Rule 2510(b) and FINRA Rule 2010. As a result of the foregoing alleged conduct, he was suspended from associating with any FINRA member for 15 days. He was also ordered to pay a fine of $5,000.
Michael Nixon’s disclosure records also list one recent customer complaint filed against him. Filed in July 2018, the complaint alleged that as a representative of Paulson Investment Company and Newport Coast Securities, he violated the Florida Securities Act and the Virginia Securities Act, committed common law fraud and securities fraud, breached his fiduciary duty, recommended unsuitable investments, and breached contract between 2013 and 2018. The complaint reached a settlement in August 2019 of $192,500.
Michael Nixon is currently registered with Paulson Investment Company in Tampa, Florida, where he has been registered since 2015. His employment history includes Paulson Investment Company in Tampa, Florida; Newport Coast Securities in Leesburg, Virginia; Meyers Associates in Leesburg, Virginia; Anderson & Strudwick in Leesburg, Virginia; Jesup & Lamont Securities Corporation in Leesburg, Virginia; Empire Financial Group in Leesburg, Virginia; Jesup & Lamont Securities in New York, New York; Centennial Capital Management in Atlanta, Georgia; American Fronteer Financial Corporation in Denver, Colorado; Dickinson & Company in Des Moines, Iowa; Montano Securities Corporation in Orange, California; and FN Wolf & Company. He currently holds 15 state licenses and has passed 6 securities industry qualification examinations.