Henrico Advisor Michael Thaler: BDC Complaint

A recent investor complaint against Cambridge Investment Research financial advisor Michael Thaler (CRD# 2557899) concerns investments in a business development corporation and an oil and gas product. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Henrico, Virginia. 

Mr. Thaler’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Cambridge Investment Research, he recommended a BDC that experienced “performance and liquidity” issues. The complaint alleges further that he recommended an oil and gas product “for the purpose of a state tax deduction that was not available to the client.” The pending complaint alleges unspecified damages estimated to be at least $5,000.

In a statement included in the pending complaint’s disclosure, Mr. Thaler described the allegations as “false.” He added that the customer “has an unrealized gain in the BDC investment and has opted to reinvest the distributions rather than receive them as cash,” asserting further that the oil and gas investment in question was suitable for the client. He “directed the client to consult with his CPA about the possible tax advantages of the investment, as RR does not provide tax advice,” he concluded, stating that he “faithfully served his clients in the industry for 31 years without complaint prior to this.”

According to the Financial Industry Regulatory Authority, Michael Thaler holds 27 years of securities industry experience. Based in Henrico, Virginia, he has been a broker and an investment advisor with Cambridge Investment Research since 2011. His past registrations include Sanders Morris Harris, QA3 Financial, Capital Investment Advisors, National Planning Corporation, Centennial Capital Management, Canada Life of America Financial Services, and Cadaret Grant & Company. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 Arizona, California, Colorado, Delaware, the District of Columbia, Florida, Georgia, Indiana, Maryland, Michigan, Missouri, Montana, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Tennessee, Texas, and Virginia. (Information current as of November 4, 2022.)

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