Securities Arbitration Lawyers BlogFormer Milestone Investments Broker Michael W. Miles Under Investigation After FINRA Suspension
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.