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Written by 9:33 pm Blog

David Miller barred from securities industry.

According to FINRA, David Michael Miller (CRD #5461431, Columbus, Ohio) recently was barred from association with any FINRA member in any capacity, required to pay a total of $799,161.07, plus interest, in restitution to customers, and required to disgorge to FINRA a fine of $15,161.54, plus interest. The sanctions were based on findings that Miller failed to conduct reasonable diligence before recommending UITs to his customers, and thus failed to have reasonable grounds for believing his recommendations were suitable for them. The findings stated that Miller made unsuitable recommendations of UIT purchases totaling more than $5.3 million in customer accounts, but did not undertake reasonable diligence to ensure he adequately understood the features and risks of the UITs before recommending them, causing his customers to lose money. Miller negligently misrepresented and failed to disclose material facts to customers in connection with their purchases of UITs, and acted negligently in misrepresenting material facts to another customer when recommending the customer maintain his UIT holdings, because he failed to conduct reasonable diligence on the UITs. Miller never read a UIT prospectus before making his recommendations, and did not understand features of the UITs, including how they were valued at maturity, risks, volatility and use of leverage. Miller’s unsuitable recommendations and misrepresentations and omissions caused his customers to lose a total of $1,019,656.83.

For FINRA’s full findings, see FINRA Case #2013036874901.

According to his FINRA BrokerCheck, Miller was registered with The Huntington Investment Company from 07/2008 – 08/2013.  His BrokerCheck also indicates that he has been the broker of record on as many as 10 customer complaints during his time in the securities industry.

The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.  The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.  For more information on the firm and it’s representation of investors, visit https://whitesecuritieslaw.com.

For a free consultation with a securities attorney, please call the firm at 1-888-637-5510.

Tags: , , , , , , , Last modified: September 26, 2023