Previously registered investment adviser and broker Michael Maloney is the subject of multiple customer complaint disclosures alleging of misconduct such as misrepresentation, unsuitability, breach of fiduciary, negligence, fraud, and breach of contract according to an investigation by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating the alleged conduct related to various customer complaint disclosures involving Michael Patrick Maloney on the allegations, among others, of unsuitable investments, breach of contract, and fraud. Michael Maloney investors concerned about potential investment losses are encouraged to contact investor rights attorney, Alan Rosca to discuss their case. Call 888-998-0530, email at arosca@rscounsel.law, or fill out the contact form on this page.
Michael Patrick Maloney is the Subject of Three Customer Complaint Disclosures
According to the latest customer complaint disclosure filed with FINRA in September 2020, broker Michael Maloney is accused of making unsuitable investment recommendations, breach of fiduciary duty, negligence, and failure to supervise all while being registered with First Allied Securities as reported on his FINRA Brokercheck page.
The disclosure on his CRD goes on to indicate that the product type involved is real estate security, alongside direct investment. The alleged damages for the previously mentioned misconduct is $75,880.
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Another customer reportedly filed a complaint in Superior Court of the State of Arizona in June of 2017. According to the disclosures in Maloney’s CRD, the allegations involving Maloney include unsuitability, breach of contract, misrepresentation, and breach of fiduciary duty.
There is no specified amount for the alleged damages but according to Maloney’s Brokercheck Report it is determined to be over $5,000.
In March 2014, a third customer complaint disclosure involving Mike Maloney was filed alleging negligence, misrepresentation, fraud, and failure to supervise in the sale of three variable annuities. The customer requested $406,000 for the alleged damages and received a settlement of $78,350 as responded on his FINRA Brokercheck page.
Investors who have questions, or believe they may have suffered losses as a result of similar allegations involving former First Allied Securities broker Michael Maloney are encouraged to contact an experienced investor rights attorney at Rosca Scarlato LLC law firm for a free case evaluation and discussion of their recovery options at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Have You Been Recommended Unsuitable Investments by Your Broker?
Generally, investment professionals have a duty to evaluate the investments they intend to recommend to their customers, and take their customers’ investment profile into account when making an investment recommendation.
Industry rules require brokers and investment advisers to establish suitability based on criteria such as financial health, tax status and age, current portfolio, risk tolerance and investment experience, liquidity, and investment goals. Unsuitable investment could cause investors to suffer actionable damages.
If you believe you may have lost money due to a broker or investment professional’s unsuitable recommendations you may contact our investor rights attorneys for a free, no-obligation consultation regarding your legal situation and potential recovery options, at 888-998-0530 or via email at arosca@rscounsel.law .
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Broker Michael Maloney Has Been Employed for 25 Years and Switched Employers Six Times
Michael Maloney (aka Michael Patrick Maloney Jr. aka Mike Maloney Jr) joined the securities industry in 1993 and has switched between six employers since then, according to his FINRA Brokercheck page.
Maloney was employed with Marnier Financial Services, located in Largo, Florida from August 1993 until July 1997. He switched to ProEquities located in Birmingham, Alabama in August 1997 and remained there until January 1999. One month later, he started working for SunAmerica Securities located in Phoenix, Arizona from February 1999 until December 1999. He then switched to Questar Capital Corporation located in Phoenix, Arizona from December 1999 until February 2006.
Maloney joined Cetera Advisors in February 2006 located in Surprise, Arizona, and remained there until February 2014. He then was registered with First Allied Securities starting January 2014 where he remained until May 2019.
Investors should also note that after parting ways with First Allied Securities, for a few months between July and December 2019, Maloney was a registered investment adviser with Clarus Wealth Advisors, in Peoria Arizona, as reported on his Investment Adviser Public Disclosure Report.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Investor Rights Attorneys Investigating Potential Recovery Options on Behalf of Mike Maloney Investors
The Rosca Scarlato LLC law firm often represents investors who lose money as a result broker misconduct and is currently investigating circumstances related to broker Michael Maloney’s customer dispute disclosures on the allegations of unsuitable recommendations and misrepresentation, among others. The firm takes most cases of this type on a contingency fee basis and advances 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 believe they lost money as a result of allegations of unsuitable recommendations and misrepresentations involving ex First Allied broker Michael Maloney, may contact attorney 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.