August 2016-Frisco, Texas
The FINRA records of Michael B. Inderlied , a stock broker who is currently not licensed and who was last employed by Adirondack Trading Group disclose a prior regulatory event, 2 prior customer disputes and 2 terminations from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November 2015, Missouri securities regulators sanctioned Inderlied and assessed him a fine of $20,000, required him to pay restitution of $17,500.
The two prior customer disputes were both resolved by monetary settlements paid to the customers.
In December 2015, Inderlied was ‘permitted to resign’ from Adirondack Trading Group following the censure by the State of Missouri.
In January 2014, Inderlied was ‘permitted to resign’ from WIlbanks Securities who made the following allegations on FINRA records: “Rep was permitted to resign while under heightened supervision and investigation for improper recommendations to clients concerning variable annuities. The investigation revealed that rep encouraged clients to prematurely surrender variable annuities early in the surrender period for A-shares in various mutual fund shares to significant client harm. The firm followed up with every client and fully disclosed all compensation to them and all clients decided, in writing, for their investments to stand”.
Inderlied was employed by Adirondack Trading Group from 4/2015-12/2015. Prior to that he was with Investors Capital Corp. in Frisco, Texas, from 1/2014-3/2015, and before that with Wilbanks Securities from 6/2009-2/2014.
INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016
Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link.
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