Michael Biedny Investigation
August 2021- Clarence, NY
According to publicly available records, Michael Biedny, a financial advisor who previously was employed by Raymond James Financial Services, Inc., discloses a regulatory event, a recently settled customer dispute and a termination 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 of 2020, in FINRA case #2018060984401 , without admitting or denying the findings, Biedny consented to the entry of findings that he circumvented his member firm’s policies by taking steps to conceal his acceptance of $118,000 in gifts from a senior customer. The findings stated that Biedny accepted checks given to him voluntarily by the customer. The checks represented more than 10 percent of the customer’s net worth at the time. To obtain the money to fund some of the checks, the customer sold a certificate of deposit prior to maturity for less than face value. FINRA found that Biedny acted intentionally to circumvent the firm’s written policies. Biedny instructed the customer that if he was to accept her gift, she would have to keep it a secret. Subsequently, Biedny completed branch audit questionnaires and falsely certified that he had not accepted gifts in excess of $100. He denied that he had accepted gifts from a customer when asked by his supervisor. After the firm terminated Biedny, it provided restitution to the customer. Sanctions were a six month suspension (11/2020-5/2021) from all FINRA capacities and a $10,000 fine.
In December of 2018, a Raymond James customer alleged that Biedny failed to reinvest dividents in her account and accepted personal checks from her in the amount of $81,000. The case was settled for the $81,000 in 4/2020.
In December of 2018, Biedny was discharged from employment by Raymond James Financial Services, Inc. for accepting multiple undisclosed personal checks from a client and for failing to disclose the matter when questioned by the firm.
Biedny was employed with Raymond James from 5/2005-12/2018 Before that time he was with Scheff, Thompson, Cress Investment Group.
If you have questions about an investment account with Michael Biedny, call to learn how you may be able to recover damages through FINRA arbitration.
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