Silver Law Group is investigating former Charlotte, North Carolina-based Milestone Investments, Inc. (CRD# 47090) broker Michael W. Miles (CRD# 3206302) after FINRA suspended him for six months.
According to Miles’ FINRA BrokerCheck report, FINRA suspended Miles six months and fined him $10,000 in October 2016. According to the BrokerCheck report, Miles consented to the sanctions, without admitting or denying the findings, and to the entry of findings that he willfully failed to amend his Form U4 to report a Consent Judgment and Order he entered into with the United States Department of Labor (the “USDL”) in which he was permanently enjoined from acting as a fiduciary to any employee benefit plan.
The Acceptance, Waiver & Consent (“AWC”) entered into between FINRA and Miles references an additional disclosure on Miles’ BrokerCheck report that occurred in May 2014. According to Miles’ BrokerCheck report, the USDL alleged that Miles breached his fiduciary duty with respect to the Miles & Associates, Inc. 401(k) profit sharing plan by failing to discharge his duties under the plan and violating multiple ERISA rules.
Miles’ BrokerCheck report indicates Miles is involved with one outside business activity. Miles serves as a managing member of Miles-Stadther Properties, LLC. Milestone Investments had employed Miles from 1999 to 2016 in Charlotte, North Carolina. Miles is currently unregistered.
Representatives of broker-dealers and investment advisers use Form U4 to register with states and self-regulatory organizations such as FINRA. According to FINRA, registered individuals and firms share a continuing obligation to promptly update a registered representative’s Form U4 if any information changes or becomes inaccurate. Failure to update accordingly can frustrate the transparency of a tool like FINRA’s BrokerCheck.
If you have invested with Michael W. Miles and Milestone Investments, Inc. and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.