Failure to disclose criminal charges results in $5,000 fine and suspension
During a 15-year career in the securities industry, Miami-based broker Mikell Simmons has seen a total of six disclosure events on his official record, the most recent of which includes a one-month suspension and a $5,000 fine.
According to Simmons’ FINRA BrokerCheck record, the Miami broker, most recently registered with Global Strategic Investments, failed to update his U4 form required by the regulatory body with information pertaining to criminal charges brought against him in February 2013 while he was employed by CP Capital Securities. Per FINRA broker requirements “an individual is under a continuing obligation to amend and update information required by Form U4 as changes occur.” As a result, on June 11, 2015, FINRA handed Simmons a one-month suspension along with a $5,000 fine.
The criminal charges consisted of a third degree felony charging Simmons with violently resisting an officer in February 2013. While charges were dismissed after Simmons completed 50 hours of community service, Simmons was still bound by the regulatory body’s requirement to disclose a felony in a timely manner. Failing to do so cost him both suspension and a fine.
Simmons’ FINRA disclosure record also includes a tax lien of $20,000 by the IRS, a customer dispute in 2009 in which the customer alleged unsuitability, negligence, churning (also known as excessive trading) and breach of fiduciary duty to the tune of $195,000 in requested damages, and two additional criminal charges in 1993 that were ultimately dismissed.
Investors who have been wronged by brokers like Mikell Simmons have the right to pursue their losses through securities arbitration. Silver Law Group represents investors throughout Latin America and elsewhere including foreigners who invest with financial advisors in Miami who frequently service international clients. To discuss your case with an experienced attorney, contact Silver Law Group today. It costs nothing and you’ll only pay legal fees if we successfully recover losses.