November 11, 2014-Spring, Texas
Michael A. Stakes. entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he permitted an individual who had been suspended in her capacity as a FINOP and ordered to requalify by examination, prior to resuming work as a FINOP, to act as his member firm’s FINOP throughout the individual’s suspension and without her ever requalifying by examination.
Stakes was suspended in all principal capacities for 3 months and fined $15,000.
According to FINRA records Stakes was registered with Northgate Securities Inc. from 1/1997-9/2013. Northgate Securities was expelled by FINRA in 12/2013.
Rex Securities Law , located in Boca Raton, FL, provides representation to investors in Texas and nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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