Erez Law is currently investigating former Cabot Lodge Securities LLC broker Michael Lee (CRD# 715932) who is accused of variable annuity investment losses. He has been registered with Essex Securities LLC in Jersey City, New Jersey since 2020 and with their branch in Sarasota, Florida since 2021. Previously, he was registered with the following brokerage firms:
- ES Advisory Group in Sarasota, Florida from 2020 to 2021
- SB Advisory, LLC in Atlanta, Georgia from 2012 to 2021
- SB Advisory, LLC in Sarasota, Florida from 2012 to 2020
- Cl Wealth Management LLC in Sarasota, Florida from 2019 to 2020
- Cabot Lodge Securities LLC in Sarasota, Florida from 2019 to 2020
- IFS Securities in Sarasota, Florida from 2011 to 2019
- Financial Advisory Network, Inc. in Sarasota, Florida from 1999 to 2012
- Securities America, Inc. in Sarasota, Florida from 1991 to 2011
He was terminated from Securities America, Inc. regarding, “failure to follow firm policies and procedures with regard to advertising, correspondence and the solicitation of private placements.”
Michael Lee Customer Complaints
He has been the subject of 10 customer complaints between 2003 and 2022, one of which was denied, according to his CRD report. The most recent complaint is regarding:
April 2022. “I deny any allegations of wrongdoing. Claimant was advised that the GMIB rider must be accepted within 30 days of his purchase anniversary and that a balance must be maintained in order to qualify for the GMIB rider. Claimant refused to timely accept the GMIB rider and to maintain an annuity balance.” The customer is seeking $150,000 in damages and the case is currently pending. The complaint was regarding variable annuity investment losses and the complaint took place while he was registered with Cabot Lodge Securities LLC.
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, Cabot Lodge Securities LLC may be liable for investment or other losses suffered by Michael Lee’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.