Aberdeen, South Dakota
JUNE 2017 UPDATE–Michael A. Duch discloses two regulatory events and 2 prior customer disputes on his FINRA record. In 3/ 2016 he was fined $2,000 by the South Dakota Securities Division to resolve allegations that he participated in private securities transactions.
In one of his prior customer disputes in 2001 a customer of FFP Securities was paid $255,000 to resolve allegations that their account decreased significantly and excessive commissions were generated.
ORIGINAL POST-October 15, 2015
Michael A. Duch , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he violated NASD and FINRA Rules by participating in private securities transactions, not for compensation, without providing prior written notice or receiving prior written approval from his firm, Cambridge Investment Research.
According to the AWC, Duch introduced at least three Cambridge customers and two non-Cambridge customers to a distributor for two unregistered oil and gas offerings, Running Springs Oil and Gas and Obele Energy, L.P. In addition, Duch also participated in the offering of notes by MVIS, a casualty insurance company in Montana.
Duch was fined $15,000 and suspended for 20 business days.
According to FINRA records, Duch was registered with Cambridge Investment Research from 9/2005-8/2010. He has been registered with Kovack Securities since 7/2010. Duch discloses a business affiliation with Schwan Financial Group.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors 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.
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