Close Menu
Free Consultation: 888-976-6111

Mike Binstock: $212K Fraud Complaint Against CreativeOne Advisor

Chanhassen, Minnesota financial advisor Mike Binstock (CRD# 2728462) recently received an investor complaint alleging he committed fraud. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with CreativeOne Securities, having previously been registered with Cambridge Investment Research.

Mr. Binstock’s BrokerCheck report discloses several investor complaints. The most recent, filed in April 2022, alleges that as a representative of CreativeOne Securities, he lied to the customer and “committed fraud in the way of explaining products and income to him.” The pending complaint alleges damages of $212,000.

In a statement on the April 2022 complaint’s disclosure, Mr. Binstock defended himself against the allegations. “At [the] initial client meeting, rep did due diligence in gathering client information,” the comment states, adding: “After reviewing and discussing client’s current financial situation including investment objectives and goal, the client signed all paperwork including applicable disclosures. After engaging in multiple phone conversations with the client post transactions with no indication of dissatisfaction or misunderstanding, the rep denies all allegations of wrong doing.”

A previous investor complaint, filed in 2011, alleged that as a representative of Thrivent Investment Management, he did not make the customer aware of a variable universal life insurance contract and instructed her to disregard premium notices. The complaint reached a settlement of $4,760.87.

A third investor complaint, filed in 2010, alleged that he misrepresented the purchase of a variable universal life insurance contract while associated with Thrivent Investment Management. The complaint reached a settlement of $8,197.56.

According to the Financial Industry Regulatory Authority, Mike Binstock holds 22 years of securities industry experience. Based in Chanhassen, Minnesota, he has been a broker and an investment advisor with CreativeOne Securities since 2018. His past registrations include Cambridge Investment Research (Chanhassen, Minnesota; 2018), Investment Advisors Corp (Chanhassen, Minnesota; 2014-2018), Broker Dealer Financial Services Corp (Chanhassen, Minnesota; 2013-2018) and Thrivent Investment Management (Chanhassen, Minnesota; 1996-2009). 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; the Uniform Combined State Law Examination, or Series 66. He is licensed in Minnesota. (Information current as of July 21, 2022.)

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Bron Thompson: CIG Advisor Faces 6-Figure GWG Complaints

    Dunn, North Carolina financial advisor Bron Thompson (CRD# 4350479) has received multiple investor complaints relating to investments in GWG Holdings....

    Read More
  • Bilo Bouab: Garden State Advisor Receives 6-Figure Complaints

    Red Bank, New Jersey financial advisor Bilo Bouab (CRD# 4340284) has received multiple investor complaints alleging that his conduct resulted...

    Read More
  • Rich Ceffalio: $3.5mm Complaint Against Fired LPL Advisor

    Arlington Heights, Illinois financial advisor Rich Ceffalio (CRD# 2619565) was terminated from his former member firm in connection with alleged...

    Read More
  • Angelo Anello: Tailored Wealth Advisor Lands $84K Complaint

    Needham, Massachusetts financial advisor Angelo Anello (CRD# 2835091) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry...

    Read More
  • Previous
  • Next