Michael Edward Halla (Michael Halla) Suspended from Securities Industry and Permitted to Resign from Ameriprise Financial Services, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - Michael Edward Halla (Michael Halla) Suspended from Securities Industry and Permitted to Resign from Ameriprise Financial Services, Inc.
From 1996 until Michael Halla’s resignation in 2012, Michael Halla was licensed with Ameriprise Financial Services, Inc. Michael Halla is now licensed with SII Investments, Inc. According to FINRA’s records, Michael Halla was permitted to resign from Ameriprise Financial Services, Inc. on June 21, 2012. Ameriprise Financial Services, Inc. reported to FINRA that Michael Halla was permitted to resign after being suspended for company policy violations related to short term trading activity of syndicate offerings, time and price discretion and unauthorized trading.
Subsequent to Michael Halla’s resignation, FINRA investigated Michael Halla and brought a disciplinary action against Michael Halla. Michael Halla consented to a 2 month suspension from the securities and investment banking industry, a $10,000 fine and an $18,000 partial disgorgement of commissions on April 16, 2015. Michael Halla also consented to the entry of findings that Michael Halla had no reasonable basis to recommend closed-end fund (CEFS) to Michael Halla’s customers when in connection with customers’ accounts, Michael Halla engaged in a pattern whereby Michael Halla recommended that these customers switch from one CEF, purchased in an initial public offering (IPO), to another CEF, on a short-term basis. According to FINRA, in doing so, Michael Halla did not consider recommending that the customers purchase the same CEFS in the secondary market when the transaction costs would have been significantly lower. According to FINRA, Michael Halla failed to research or consider recommending CEFS that were not being offered in an IPO in which Michael Halla’s member firm was not a syndicate member. The findings stated that Michael Halla failed to understand certain fundamental aspects of the CEF IPO products Michael Halla was recommending. Besides, according to FINRA, Michael Halla did not understand the unique features and risks associated with the CEFS Michael Hall was recommending.
FINRA reports that two complaints have been filed involving Michael Halla’s conduct with Ameriprise Financial Services, Inc. and/or SII Investments, Inc, alleging that Michael Halla did not provide accurate payout for annuity inheritance causing a large tax liability and/or that the sale of BBN and subsequent purchase of WBBBX and DPG were unauthorized. These complaints both settled, with Michael Halla contributing $15,000 to one of these settlements.
If you lost any money on investments with Michael Halla, you may be able to recover your losses from Ameriprise Financial Services, Inc. and/or SII Investments, Inc. This is because Ameriprise Financial Services, Inc. and SII Investments, Inc. had a duty to supervise Michael Halla.
If you lost money on investments with Michael Halla, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Ameriprise Financial Services, Inc. and/or SII Investments, Inc. concerning Michael Halla’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Michael Halla and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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