FINRA Bars and Suspends Michael Archimede After Allegations of Loan from Customer
The White Law Group continues to investigate potential securities claims involving broker Michael Archimede and the liability his employers may have for failure to properly supervise him.
The Financial Industry Regulatory Authority (FINRA) has taken multiple disciplinary actions against former financial advisor Michael Archimede (CRD#: 5701306), including a permanent bar and an indefinite suspension from the securities industry.
According to a letter of acceptance, Archimede was barred in January 2024 after refusing to cooperate with FINRA’s investigation into allegations that he borrowed money from a customer in connection with a potential crypto investment. More recently, on September 25, 2025, FINRA suspended Archimede indefinitely for failing to comply with an arbitration award and for not responding to requests regarding his compliance status.
Employment Termination from PFS Investments
On December 21, 2023, PFS Investments filed a Form U5 stating that Archimede’s registrations had been terminated. The firm later amended the filing to note that Archimede was “permitted to resign during an internal review after he admitted to borrowing money from a customer.”
FINRA Disciplinary Actions Against Michael Archimede
According to FINRA records, Archimede has been the subject of several disciplinary and arbitration proceedings:
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January 22, 2024 – Barred: Archimede consented to a permanent bar after refusing to provide documents and testimony in FINRA’s investigation.
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November & December 2023 – Customer Dispute (Pending): A client alleged Archimede borrowed funds; damages requested: $80,000.
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June 20, 2024 – Arbitration Award: A customer complaint alleged negligence, breach of fiduciary duty, and negligent supervision, with damages of $156,000. The award has not been paid as of September 25, 2025.
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September 25, 2025 – Suspension: FINRA indefinitely suspended Archimede for failing to pay the arbitration award or respond to FINRA’s compliance inquiries. The suspension will continue until the award is paid or discharged.
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November 9, 2023 – Customer Dispute (Settled): Details of the settlement are disclosed in BrokerCheck.
FINRA Rule 3240 – Borrowing from Customers
To protect investors, FINRA Rule 3240 limits when brokers can borrow from customers. Unless the arrangement falls under specific exceptions (such as family or business relationships outside of the broker-customer relationship), borrowing is generally prohibited and may lead to severe sanctions.
Michael Archimede – FINRA BrokerCheck Profile
FINRA’s BrokerCheck shows that Archimede was registered with:
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PFS Investments Inc. (CRD#: 10111), Waukesha, WI (2010 – 2023)
Investors can use BrokerCheck to review his disciplinary history, including the bar, suspension, and pending disputes.
Recovering Investment Losses with The White Law Group
If you have suffered losses with Michael Archimede or another PFS Investments advisor, you may be entitled to recover your losses through FINRA arbitration.
The White Law Group has represented investors in over 800 FINRA arbitration claims nationwide. For a free consultation, please call (888) 637-5510.
Frequently Asked Questions (FAQs)
1. Why is Michael Archimede currently suspended by FINRA?
As of September 25, 2025, Archimede is indefinitely suspended for failing to pay an arbitration award or respond to FINRA’s requests about his compliance. The suspension will remain until the required payment is made or discharged.
2. What customer disputes has Michael Archimede faced?
Archimede has been named in multiple customer disputes, including allegations of borrowing funds, negligence, and breach of fiduciary duty. One arbitration resulted in a $156,000 award against him that remains unpaid.
3. Can investors recover losses from unpaid FINRA arbitration awards?
Yes. While unpaid awards are a serious problem in the securities industry, investors may still have options. A securities attorney can help explore potential recovery avenues, including claims against the employing brokerage firm for failure to supervise.
