CUNA Brokerage Services, Inc. (“CBSI”) is a broker/dealer and registered investment adviser founded in 1985 in Madison, Wisconsin. CBSI is the wealth management business of CUNA Mutual Group and is owned by CUNA Mutual Investment Corporation. Today, the company is headquartered in Waverly, Iowa. With $5.8B in assets under management (AUM) and more than 20,000 clients, CBSI has licenses in all 50 states as well as the District of Columbia and Puerto Rico.
Financial Misconduct at CUNA Brokerage Services, Inc.
CBSI is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors.
According to FINRA’s BrokerCheck Report, CBSI and brokers backed by CBSI have a long history of misconduct and complaints dating back to 1998.
Broker Todd Douglas Micciche was referenced in a written complaint initiated by a customer alleging that Micciche had liquidated the customer’s assets from the customer’s account without authorization. The customer alleged that Micciche had made misrepresentations regarding a specific variable annuity. In December 2017, the complaint was resolved for $57,700 in damages. At the time of the alleged actions, Micciche was registered with Key Investment Services LLC. CBSI hired him in December 2018.
In 2020 Brett Olin, Chief of Enforcement Securities Division of the Office of the Secretary of State, State of Nevada, initiated a case against CBSI alleging that the firm completed an application to purchase securities after which it changed the order ticket without the client’s informed consent. CBSI failed to supervise its employee regarding these actions as well as advertising materials.
In 2021, CBSI was ordered to pay a fine of $50,000 after the Arkansas Securities Department alleged that the firm named a supervisor for its Arkansas branch office despite the individual not being registered with the department.
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If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages.
Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against large investment firms, and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in arbitration through FINRA and the American Arbitration Association (AAA).
If you believe that you have been the victim of investment fraud or have been recommended unsuitable investments, you may have options. Call Meyer Wilson today!