In December 2018, while registered with Foreside Fund Services, broker Michael Magill allegedly participated in private investments away from the firm with three investors who were not customers of the firm, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by investor rights attorney Alan Rosca.
The Rosca Scarlato LLC law firm attorneys are investigating broker Michael Edward Magill’s alleged recommendations to invest in private placements. Investors who are concerned about their investments with Magill are encouraged to contact attorney Alan Rosca for a free case evaluation and discussion of recovery options, or to provide any useful information and learn about your rights. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Former Foreside Fund Broker Michael Magill Allegedly Failed to Conduct Due Diligence Before Recommending the Private Placement
On December 2, 2018, Michael Edward Magill allegedly began working on behalf of the private issuer to find potential investors for a principal protected note. Magill allegedly recommended the note to three investors, who invested a total of $700,000. Magill allegedly offered higher interest rates when recommending the note to investors and told investors that the investment was only available for a short time, the AWC states.
Michael Magill allegedly earned $14,000 in commissions, a bonus for securing investments by the end of 2018, and a salary the private issuer paid him, the AWC states.
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According to FINRA’s allegations, Magill failed to conduct reasonable due diligence to understand the features and risks of investing in the note and he allegedly did not provide written notice to his firm prior to making the note recommendations.
The issuer’s notes were allegedly not legitimate investments, and the three investors lost their entire investment. In 2019, after the federal authorities shut down the offices of the private issuer, an executive of the issuer and Michael Edward Magill’s supervisor at the issuer both pled guilty to conspiracy to commit wire fraud and were sentenced to prison, according to the AWC.
As a result of the alleged misconduct, Magill has been barred from associating with any FINRA member firm in all capacities.
Michael Magill Was Registered with FINRA Since 1990
According to Michael Edward Magill’s FINRA Brokercheck Page, he was registered with FINRA since 1990 and switched employers ten times:
- Hibbard Brown & Co located in New York, New York
- January 1990 until July 1990
- FINRA expelled the firm on February 22, 1996
- John Hancock Distributors and John Hancock Mutual Life Insurance Company located in Boston , Massachusetts
- May 1991 until November 1992
- Continental Capital Group
- June 1994 until November 1994
- Phoenix Securities located in San Rafael, California
- July 1995 until January 1996
- TCC Securities Corporation located in San Francisco, California
- January 1996 util January 1997
- Davis Distributors located in Tucson, Arizona
- January 2000 until January 2005
- Janus Distributors located in Denver, Colorado
- December 2004 until December 2015
- Crossroads Capital Distributors located in Newport Beach, California
- August 2016 until July 2017
- Foreside Fund Services located in Portland, Maine
- August 2017 until January 2019
Michael Magill is also a registered investment adviser according to his IAPD report. Magill was employed with WBI Investments located in Boca Raton, Florida from November 2017 until January 2019.
Investors who are concerned they may have suffered a loss with broker Michael Edward Magill are encouraged to contact investor rights attorney Alan Rosca for a free consultation and discussion of recovery options, or to provide any useful information. Call 888-998-0530, via email arosca@rscounsel.law, or through the contact form on this webpage.
Concerned about investments with
Invested with Michael Magill? Investor Rights Attorneys May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating Michael Magill’s alleged recommendations to invest in private placements.
The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who are concerned about their investment with broker Michael Magill are encouraged to contact Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
