MICHAEL SHONIKER Suspended by FINRA – Goodman & Nekvasil, P.A. May Recover Investor Losses
Former PAYCHEX SECURITIES CORPORATION broker, MICHAEL SHONIKER Suspended by FINRA.
CRD#: 6402676
Call 800-500-4442 if you think that you have received unsuitable investment recommendations from your adviser.
FINRA suspended Shoniker alleging that he did not timely and fully disclose to Paychex his outside business activity, in violation of FINRA Rules 3270 and 2010.
According to FINRA, Between September 2016 and February 2023, Paychex permitted registered representatives to refer 401(k) customers to third-party investment advisors. However, Paychex’s written supervisory procedures prohibited registered representatives from engaging in any outside employment or receiving compensation for services rendered, including finder’s fees, investment advisory fees, and commissions of any sort, without Paychex’s prior written approval. During this period, Shoniker engaged in an outside business activity and received compensation while registered with FINRA without providing timely or accurate written notice to the firm.
In September 2016, Shoniker formed a limited liability company to invest in real estate but did not disclose the LLC to Paychex until January 2017. Shortly after disclosing the LLC’s real estate business to Paychex, Shoniker used the LLC to provide consulting and marketing services to a third-party investment advisor. In July 2017, Shoniker began referring Paychex 401(k) customers to the third-party investment advisor for compensation. Shoniker also began working with the third-party investment advisor to obtain customers for the third-party investment advisor. In exchange for Shoniker’s referrals and consulting and marketing services, the third-party investment advisor paid Shoniker, through the LLC, half of the investment advisory fees, less expenses, that it received from over 96 Paychex customers. From July 2017 to February 2023, Shoniker received compensation of approximately $740,000 from the third-party investment advisor for referrals and consulting and marketing services.
Shoniker consented to a six-month suspension and a $7,500 fine.
MICHAEL SHONIKER Suspended by FINRA.
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 12/03/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.