FINRA Bars Broker Michael Talin From Securities Industry

FINRA Bars Broker Michael Talin From Securities Industry on silverlaw.com

Allegations include elder financial fraud, misappropriation of funds and unsuitable recommendations

Michael Talin, a former broker associated with Woodbury Financial Services, has been barred from the securities industry by FINRA after failing to cooperate with agency investigators. An investigation was launched after customers alleged that he misappropriated and converted more than $300,000 in customer funds.

According to the BrokerCheck report, Woodbury Financial discharged Talin after he failed to disclose three tax liens and civil complaints against him to the firm. He had previously been registered with Woodbury’s Seal Beach branch in California since 1998 and had worked in the Los Alamitos location since the year 2000.

In two of the most recent customer disputes lodged against him in March 2015, Talin is accused of misappropriating more than $300,000 in funds as well as money laundering and felony theft from an elder.

According to one of those customer complaints, Talin accessed more than 48 checks over an 8-month period, which were intended to be deposited into a client’s investment account. What Talin did with the funds, however, was put them into an account he controlled, leading to more than $300,000 in damages for that investor.

Sadly, that story wasn’t even the last one for Talin, who continued defrauding customers for years. In 2009, this broker entered into a $100,000 settlement for another customer’s complaint about unsuitable and negligent recommendations for variable annuities, arguing that Talin was guilty of a breach of fiduciary duty.

If you have suffered financial loss as a result of the unlawful actions of your financial advisor or investment firm, you may be able to recoup your losses through securities arbitration. To have your case reviewed by an experienced securities attorney at no cost, contact Silver Law Group today. We’ll handle your case on a contingent fee basis, which means you pay no legal feels unless we are successful on your behalf.