Richard Michalski: Laidlaw Advisor Faces $399K Complaint

New York City financial advisor Richard Michalski (CRD# 4588706) recently received an investor complaint alleging that his conduct resulted in damages exceeding $300,000. Financial Industry Regulatory Authority records show that he is registered as a broker with Laidlaw & Company, and that he has previously been sanctioned by the Securities and Exchange Commission.

Mr. Michalski’s BrokerCheck report discloses one recent investor complaint. Filed in September 2024, it alleges that as a representative of Laidlaw & Company, he breached his fiduciary duty between 2018 and 2023. The pending complaint alleges damages of $399,000. “The matter will be defended vigorously,” he wrote in a comment included with the disclosure. “I deny the allegations and I had very little involvement/interactions with the client.”

A second disclosure on his BrokerCheck report concerns the SEC sanction against him. Filed in 2023, it alleged that he violated Regulation Best Interest when recommending a series of transactions to retail customers without a reasonable basis to believe that they were not excessive. A release published by the SEC describes the sanction’s allegations that he and another representative recommended “frequent in-and-out trades that placed the broker’s interest in generating commissions and fees ahead of the customers’ interest in making a profit.” He was censured and ordered to pay a fine of $44,253 as well as disgorgement of $88,506.

According to the Financial Industry Regulatory Authority, Richard Michalski holds 22 years of securities industry experience. Based in New York City, he has been registered as a broker with Laidlaw & Company since 2010. His past registrations include Aegis Capital (2008-2010), Casimir Capital (2002-2008), and Kuhns Brothers Securities Corporation (2002-2003). He holds 49 state licenses. (Information current as of December 9, 2024.)

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