Erez Law is currently investigating Spring Delta Asset Management broker Michael Lackwood (CRD# 4742917) regarding options losses. He has been a managing member and chief compliance officer with Spring Delta Asset Management in New York, New York, since 2020. He was registered with APW Capital, Inc. in Totowa, New Jersey, from 2018 to 2020.
Previously, he was registered with Oppenheimer & Co. Inc. in New York, New York, from 2011 to 2018 and with Merrill Lynch, Pierce, Fenner & Smith, Inc. in New York, New York, from 2006 to 2011, when he was terminated regarding, “Conduct in connection with loans made by certain clients serviced by the registered representative to other merrill lynch clients and to third parties that were paid from loan management accounts opened by clients serviced by the registered representative at Merrill Lynch.”
Michael Lackwood Customer Complaints
He has been the subject of two customer complaints between 2018 and 2019, one of which was withdrawn, according to his CRD report:
February 2025. “Complainant invested $351,089 between 7/11/2024 and 7/22/2024. She alleges a 31% loss by 11/26/2024 . Alleges respondent invested in leveraged ETFs and options, which were outside of her risk tolerance and understanding.” The customer is seeking $351,089 in damages. It took place while he was registered with Spring Delta Asset Management, and it was regarding options and inverse ETFs.
March 2023. “Client alleges losses due to trading errors on options strategies.” The customer sought $95,000 in damages, and the case was settled for $80,000. The complaint was regarding options losses, and it took place while he was registered with Spring Delta Asset Management.
February 2022. “4/15/2021 client deposited $50000 to account. 9/29/2021 account balance $709. Client alleges misrepresentation and trading errors on behalf of representative.” The customer sought $50,000 in damages, and the case was settled for $27,500. The complaint was regarding options losses, and it took place while he was registered with Spring Delta Asset Management.
May 2019. “Client Alleges that her former financial advisor did not follow her instructions to sell. Claimant alleges unsuitability and misrepresentations related to allegedly risky and speculative securities. Claimant additionally alleges that an order to sell was not complied with. Claimant further alleges negligence, breach of fiduciary duty, fraud and fraudulent concealment. From 1/1/2014 to 6/30/2018.” The customer sought $500,000 in damages, and the case was settled for $115,000. This case was regarding options and common and preferred stocks. It took place while he was registered with Oppenheimer & Co. Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Spring Delta Asset Management may be liable for investment or other losses suffered by Michael Lackwood’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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