Meyer Wilson's securities arbitration attorneys are currently investigating former broker Michael Willard Korson over claims that he participated in selling away and that his employing firms failed to adequately supervise him.
Michael Willard Korson (CRD# 2108802) was recently barred from the securities industry by FINRA over claims of misconduct that arose during his time at PFS Investments and HBW Securities.
In his Letter of Acceptance, Waiver, & Consent, Korson accepted the following findings by FINRA:
- From February 2011 through August 2012, failed to disclose to his employer, PFS Investments, that he was involved in an outside business called "My Coupon Genie."
- Between September 2011 and May 2014 (overlapping between his time at PFS and HBW) Korson was involved in private investment transactions involving My Coupon Genie without telling either firm.
- Korson was accused of charging personal expenses to his My Coupon Genie company credit card in a misuse of investor funds.
- Finally, without getting the consent of his member firm, Korson was accused of opening and trading in an outside investment account.
My Coupon Genie was founded by Korson, and during the time of his alleged misconduct, he was acting as the CEO and majority owner of the business. The Letter of Acceptance Waiver & Consent states that two PFS customers invested $200,000 with Korson and that another customer may have invested over $900,000.
If you invested with PFS Investments or HBW Securities and Korson was your broker, you may have a claim. Meyer Wilson is currently investigating so contact one of our investment fraud lawyers for a free evaluation of your case.
The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .
