Securities Arbitration Lawyers BlogFINRA Has Darrel Michael “Mike” Cruz Under Fire After Alleged Supervisory Failings
Regulatory action pending against president of Scottsdale Capital Advisors
D. Michael Cruz, president of Scottsdale Capital Advisors, is involved in a pending regulatory action by FINRA after his alleged involvement in the sale of more than 74 million unregistered shares between three microcap stocks.
Cruz has been registered with the firm since 2008, and FINRA is implicating him and Chief Compliance Officer Timothy DiBlasi in the case due to their alleged failure to enforce supervisory procedures that prevent fraud and illicit activity, according to the report.