MICHAEL THOMAS SMITH is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 440 W Boughton Road, Suite 108, Bolingbrook, IL, 60440.
MICHAEL THOMAS SMITH has worked at LPL FINANCIAL LLC since February 20, 2015
MICHAEL THOMAS SMITH has 3 Disclosure Event(s).
Date: May 15, 2012 Category: Customer Dispute Allegations: CLIENT ALLEGES FINANCIAL ADVISOR MISREPRESENTED THE TAX LIABILITY ASSOCIATED WITH A ROTH CONVERSION. AMOUNT OF DAMAGES ARE UNDISCLOSED, BUT AFTER A GOOD-FAITH DETERMINATION, REASONABLY BELIEVED TO EXCEED $5,000.00.
Date: April 15, 2008 Category: Customer Dispute Allegations: WISCONSIN CLIENT CLAIMED THAT HE PURCHASED TWO AUCTION RATE SECURITIES FOR HIS ACCOUNT AND THAT THE FA TOLD HIM THAT THE INSTRUMENTS WOULD PROVIDE A STATED INTEREST RATE THAT COULD CHANGE AT THE AUCTION DATE AND THAT THE SECURITIES WERE BASICALLY LIQUID ASSETS. THE CLIENT FURTHER CLAIMED THAT IN MARCH 2008 HE REQUESTED THAT THE FA SELL THE SECURITIES. THE CLIENT CLAIMED THAT THE FA TOLD HIM THAT THE SECURITIES COULD NOT BE SOLD DUE TO THE LACK OF A MARKET. THE CLIENT REQUESTED THAT HIS $200,000 INVESTMENT BE RETURNED TO HIM AS SOON AS POSSIBLE. Damage Amount Requested: $200,000.00 Settlement Amount: $200,000.00 Broker Comment: ALLEGATIONS AGAINST THE FA ARE DENIED; HOWEVER, THE FIRM REPURCHASED THE ARS SECURITIES AT ISSUE FROM THE CLIENT PURSUANT TO A GLOBAL REPURCHASE AGREEMENT IT ENTERED WITH SEVERAL REGULATORY BODIES. THIS WAS NOT A TRADITIONAL SETTLEMENT OF A DISPUTE BETWEEN THE CLIENT AND THE REPRESENTATIVE. THE NAMED REPRESENTATIVE: WAS NOT A PARTY TO, AND DID NOT AGREE TO OR PARTICIPATE IN, THE REPURCHASE AGREEMENT BETWEEN THE FIRM AND REGULATORS; THE NAMED REPRESENTATIVE DID NOT MAKE ANY PAYMENTS TO THE CLIENT; AND THE NAMED REPRESENTATIVE WAS NOT ASKED TO AND DID NOT CONTRIBUTE TO THE REPURCHASE AMOUNT. THIS MATTER IS BEING REPORTED AS A SETTLEMENT PURSUANT TO THE REQUIREMENTS OF FINRA REGULATORY NOTICE 09-12.
Date: June 05, 2003 Category: Employment Separation After Allegations Firm Name: PRUCO SECURITIES, LLC. Termination Type: Discharged Allegations: REGISTERED REPRESENTATIVE SUBMITTED NON-GENUINE SIGNATURES ON TWO OWNERSHIP/BENEFICIARY FORMS FOR A CLIENT AND PAID A PORTION OF A CLIENT'S PREMIUM. ALLEGATIONS CONFIRMED. Broker Comment: AFTER FURTHER REVIEW OF THIS TERMINATION, THE NASD CLOSED OUT THIS MATTER WITHOUT FURTHER INVESTIGATION.
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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