MICHAEL STEVEN HILL is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 3461 TECHNOLOGY DR, LAKE ST LOUIS, MO, 63367.
MICHAEL STEVEN HILL has worked at LPL FINANCIAL LLC since February 14, 2018
Disclosure History
MICHAEL STEVEN HILL has 2 Disclosure Event(s).
Date: February 05, 2010 Category: Customer Dispute Allegations: 10/07-12/08; ATTORNEY FOR THE CLIENT CLAIMS THAT THE RECOMMENDATIONS MADE BY THE FA WERE NOT SUITABLE. ATTORNEY CLAIMS THAT THE CLIENT PURCHASED AMERICAN FUNDS WHICH WERE SUBJECT TO THE RISK OF LOSING PRINCIPAL IN THAT THE FUNDS WERE HEAVILY CONCENTRATED IN "RISKY" EQUITIES AND "LIKE" SECURITIES. ATTORNEY FURTHER CLAIMS THAT THE PURCHASES IN THE ACCOUNT SHOULD HAVE BEEN DETECTED AND "STOPPED" BY THE FA'S SUPERVISOR IN THAT THE CLIENT'S PORTFOLIO ALLOCATION WAS NOT WITHIN THE FIRM'S RECOMMENDATIONS. ATTORNEY CLAIMS ACTUAL DAMAGES IN THE AMOUNT OF $110,741.00; HOWEVER, A SETTLEMENT IN THE AMOUNT OF $103,000.00 WOULD BE CONSIDERED. Damage Amount Requested: $103,000.00 Broker Comment: THE FA HAS INDICATED HIS INITIAL MEETING WITH THE CLIENT WAS CONDUCTED IN HER HOME. IT IS UNDERSTOOD THEY DISCUSSED THE CLIENT'S NEEDS AND THE CLIENT CONFIRMED THAT THE FUNDS SHE INTENDED ON INVESTING WERE NOT REQUIRED TO MEET IMMEDIATE NEEDS. THE FA SUGGESTED AND UNDERSTOOD THAT THE CLIENT WAS RETAINING A CASH POSITION OF APPROXIMATELY $50,000.00 (AT ANOTHER FIRM) TO MEET HER IMMEDIATE NEEDS. THE FA HAS STATED HE WAS ADVISED THE CLIENT'S INTENTIONS WERE TO INVEST THE FUNDS IN A MANNER THAT WOULD PROVIDE AN OPPORTUNITY FOR GROWTH AND SHE INTENDED ON UTILIZING THE FUNDS AT RETIREMENT. ACCORDING TO OUR RECORDS, VARIOUS AMERICAN FUNDS WERE PURCHASED IN THE ACCOUNTS IN OCTOBER 2007. EVENTUALLY, THE CLIENT CONTACTED THE FA TO LIQUIDATE THE MUTUAL FUNDS AT WHICH TIME HE SUGGESTED SHE CONSIDER TRANSFERRING THE INVESTMENTS TO ANOTHER FIRM IN-KIND WHICH WOULD ALLOW HER NEW FINANCIAL ADVISOR TO REVIEW THE INVESTMENTS WITH HER. HOWEVER, DESPITE THE FA'S SUGGESTION, THE CLIENT PROVIDED INSTRUCTIONS TO LIQUIDATE THE INVESTMENTS HELD IN HER SINGLE REGISTRATION ACCOUNT AND THE TRADES WERE PLACED ON MARCH 3, 2009. BASED ON OUR REVIEW, IT APPEARS THE FA MADE HIS SUGGESTIONS IN GOOD FAITH BASED ON HIS DISCUSSIONS WITH THE CLIENT REGARDING HER GOALS AND OBJECTIVES. AT THE TIME OF THE PURCHASES, THE CLIENT RECEIVED TRADE CONFIRMATIONS DETAILING THE TRANSACTIONS INCLUDING THE BREAKPOINT (I.E. REDUCED SALES CHARGE) THAT WAS APPLIED. CLAIM DENIED.
Date: March 18, 1987 Category: Criminal Charges: 1 COUNT MISDEMEANOR PASSING BAD CHECK ON 8/22/89PLEA OF NO CONTEST Charge Type: MISDEMEANOR Disposition: CHARGE WITH ONE COUNT MISDEMEANOR PASSING BAD CHECK. UNDER ADVICE OF COUNSEL I PLEAD NO CONTEST. I MADE IMMEDIATE RESTITUTION FOR THE CHECK IN THE AMOUNT OF $125.00 AND PAID COURT COST OF $71.20. I WAS SENTENCED TO TWO YEARS OF UNSUPERVISED PROBATION WITH A SUSPENED IMPOSITION OF SENTENCE. ON 08/22/1991 THE PROBATION WAS TERMINATED. Broker Comment: IN 1987 I WAS IN THE PROCESS OF A DIVORCE. I WROTE A CHECK FOR A PAIR OF GLASSES ON AN ACCOUNT THAT MY FORMER SPOUSE HAD CLOSED WITHOUT MY KNOWLEDGE. WHEN NOTIFIED I OFFERED TO MAKE IMMEDIATE RESTITUTION HOWEVER THE PROSECUTOR HAD AN AGREEMENT WITH LOCAL MERCHANTS TO PROSECUTE ALL SUCH CASES. I HIRED AN ATTORNEY (JAMES DALTON) WHO ADVISED ME TO PLEA NO CONTEST. ON AUGUST 22, 1989 THE CHARGES WAS REDUCED FROM A FELONY TO A MISDEMEANOR. I WAS GIVEN A SUSPENDED IMPOSITION OF SENTENCE(SIS) OUTLINED ABOVE AND THE PROBATION WAS TERMINATED ON AUGUST 22, 1991. I HAD NO CRIMINAL RECORD OF ANY SORT PRIOR TO THIS AND HAVE HAD NONE SINCE THIS CHARGE 19 YEARS AGO. I CERTAINLY REGRET THIS HAVING HAPPENED AND HAVE BEEN VERY CAREFUL THAT NO SUCH INCIDENT EVER OCCURRED AGAIN. I HOPE THIS EXPLAINATION IS ADEQUATE FOR YOUR PURPOSES.
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