Michael Fahsholtz Investigation
February 2022- Wenatchee, WA
According to publicly available records, Michael A. Fahsholtz , an unregistered broker who was previously with Stifel, Nicolaus & Company, discloses 9 final customer complaints and 3 pending customer disputes which seek damages totaling nearly $900,000.
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.
From April 2019 to February of 2021, 8 customer complaints filed against Fahsholtz were settled for a total amount of nearly $200,000. The complaints alleged, among other things; violation of the Securities Act of Washington, breach of fiduciary duty, unsuitable investment recommendations, violation of FINRA Rule 3110, negligence, breach of contract, violation of Washington Consumer Protections Act, common law fraud, purchase of inappropriate stocks, bonds, and UITs and customer was sold an inappropriate tax-deferred annuity.
The following FINRA cases , filed between November 2019 – November 2021 are currently pending. These complaints allege, among other things: violation of the Securities Act of Washington, breach of fiduciary duty, unsuitable investment recommendations, violation of FINRA rule 3110, negligence and breach of contract, violation of federal securities laws, violation of Washington’s Consumer Protection Act, breach of contract, negligence, gross negligence and common law fraud:
- FINRA case#21-02921 -alleges damages of $255,791.
- FINRA case#20-01940 – alleges damages of $100,000.
- FINRA case# 19-03462- alleges damages of $500,000.
Fahsholtz worked for Stifel, Nicolaus & Company from March 2011 to August 2020. He is not, at the time of this posting, currently registered with any broker dealer. Earlier in his career he was with Wells Fargo Advisors, Wells Fargo Investments and McDonald Investments, Inc.
If you have questions about an account handled by Michael Fahsholtz, call to speak with an experienced securities attorney. No charge for initial consultation.
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