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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.)
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