Investor Loss Recovery: Navigating the Michael Archimede Case
At Meyer Wilson, we specialize in investor loss recovery and regulatory action taken in the industry is something we stay up to date on. The case of Michael Archimede, marked by regulatory sanctions and an investment dispute as per the Financial Industry Regulatory Authority (FINRA) BrokerCheck, is of significant concern.
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Understanding the FINRA Sanctions Against Michael Archimede
On January 22, 2024, FINRA took decisive action against Michael Archimede, issuing a regulatory sanction for his alleged non-compliance during an investigation. This investigation was rooted in concerns over Archimede’s involvement with crypto assets outside his role at PFS Investments Inc. Despite not admitting to the findings, Archimede consented to a permanent bar from the securities industry, effective from January 22, 2024, due to his refusal to cooperate with FINRA’s requests for information and testimony.
Details of Michael Archimede’s Resignation from PFS Investments
Parallel to the FINRA sanctions, PFS Investments terminated its association with Michael Archimede on December 31, 2023. What was initially recorded as a termination for failing to renew securities licenses was later updated to reflect a permitted resignation amid an internal review. This review was sparked by allegations of Archimede borrowing money from a client, leading to his resignation.
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The Allegations of Misconduct and Borrowing Funds
A client of PFS Investments Inc. lodged a written complaint against Archimede on November 9, 2023. The complaint centered on an allegation that Archimede had borrowed money from them, which remained unpaid, causing the client to seek $52,482.12 in damages. This case, involving mutual funds, is still pending resolution.
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How Meyer Wilson Can Assist in Investor Loss Recovery
If you’ve suffered financial losses due to the actions of Michael Archimede, Meyer Wilson is here to help. Our team of securities attorneys is dedicated to aiding investors across the nation on a contingency fee basis, meaning we advance all costs. Despite denials of sales practice violations by Michael Archimede and associated brokerage firms, our commitment remains steadfast in protecting investors and holding financial advisors accountable.
For expert assistance in investor loss recovery, contact Meyer Wilson at 866-938-2021 or visit investorclaims.com. Our experienced legal team, led by Courtney Werning, is prepared to guide you through the process of recovering your investment losses.
Recovering Losses Caused by Investment Misconduct.
