Former New York LPL Financial Broker Under Investigation After FINRA Suspension

Silver Law Group is investigating former Long Island City, New York-based LPL Financial LLC (CRD# 6413) broker Michael Quiles III (CRD# 4351166) after FINRA suspended him.

FINRA suspended Quiles in July 2016 after he failed to respond to a FINRA inquiry for information.

The bar follows a discharge from LPL Financial in February 2016.  According to Quiles’ FINRA BrokerCheck report, LPL discharged Quiles after he received a loan from a non-client in violation of LPL Financial’s policy.  Quiles operated under the moniker Financial Resources Group in Long Island City, New York.

In July 2015, a civil judgment was rendered on Quiles in the amount of $5,553, according to his BrokerCheck report.  Additionally, according to his BrokerCheck report, a FINRA arbitration against Quiles was settled for the full amount requested in June 2005.  The settled FINRA arbitration alleged Quiles misrepresented a rate on a fixed account in a variable contract.

Quiles has been in the securities industry for over 15 years.  LPL Financial had employed him from December 2009 to March 2015.  Quiles has spent most of his time as a registered representative in the New York area.

If you have invested with Michael Quiles III and LPL Financial 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.