Michael D. Jackson, a former broker with Securities America, was recently suspended for six months over allegations that he participated in hidden options trading and using discretion in a customer's account held away from his firm. He is not currently affiliated with any FINRA broker-dealer firm. Meyer Wilson is interested in hearing from investors who have complaints regarding their relationships with Jackson.
Prior to his suspension, Jackson worked with Securities America from 2009 to 2017. He spent 21 years working in the securities industry. In addition to Securities America, he was also previously registered with Brecek & Young Advisors, Donahue Securities, and Nationwide Investment Services.
During his time as a broker, Jackson managed to accumulate a number of client disputes, including three that settled from 2017 and 2018 over allegations of negligence, overconcentration, misrepresentation, breach of fiduciary duty, breach of contract, unsuitable investments, and poor investment strategy.
In 2016, FINRA found that Michael Jackson recommended that his Securities America customer open an investment account with with an outside firm for the purpose of trading options. Jackson recommended this in an effort to help recoup losses in her Securities America account. The customer followed his advice and opened the account with the new firm with Jackson's assistance.
The findings also assert that Jackson exercised discretion in that account without prior written authorization. He reportedly placed over 100 orders without obtaining the customer's approval and written authorization for the transactions. Jackson is also accused of exercising excessive trading in the customer's account that was not consistent with the investor's objectives, needs, or financial situation.
If you suffered financial losses after investing with Jackson, Meyer Wilson would like to hear from you. Contact us today for a free consultation. You may be able to recoup some or all of your losses.