Investigation of Former Accelerated Capital Group Financial Advisor Wayne Miiller
Posted on Tuesday, March 27th, 2018 at 7:53 am
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former Accelerated Capital Group financial advisor Wayne Miiller (CRD# 4813645). Miiller has been registered with Aeon Capital Inc. in Scottsdale, Arizona since February 2018. Previously, Miiller was registered with Accelerated Capital Group in Scottsdale, Arizona from 2010 to 2018.
In December 2017, FINRA sanctioned Miiller to $10,000 in civil and administrative penalties and fines and suspended him for six months after he consented to the sanctions and to the entry of findings that as his member firm’s president, he failed to reasonably supervise the firm’s chief compliance officer (CCO) and direct supervisor for all registered representatives at a branch office of his firm. “The findings stated that although Miiller believed that the CCO possessed the requisite experience to serve in her respective functions, once having delegated certain responsibilities to her, Miiller was also obligated to monitor whether the CCO was properly exercising the duties delegated to her and to respond to any red flags that indicated that the system in place or her supervision was deficient. Miiller failed to reasonably respond to red flags that the firm’s systems were not adequate and that the CCO was not capable of reasonably supervising the registered representative.” FINRA also found that the firm’s CCO engaged in unauthorized trading and excessive mutual fund activity in 11 affected customers, and Miiller did not take sufficient reasonable corrective or remedial action.
Miiller has been the subject of three customer complaints between 2016 and 2017, according to his CRD report:
May 2017. “Claimants are alleging negligence, over-concentration, breach of fiduciary duty, breach of contract, material misrepresentation and omissions and failure to supervise.” The customer is seeking $340,000 in damages and the case is currently pending.
June 2016. “The arbitration documents allege breach of fiduciary duty, violation of the federal securities laws, control person liability under section 20 of the securities & exchange act of 1034; violation of the california corporation securities laws; violation of the finra rules 1020, 2120, 2111 and 3110; negligence and negligent supervision.” The customer sought $130,000 in damages and the case was settled for $110,000.
January 2016. “Unauthorized trading and excessive trading.” The customer sought $200,000 in damages and the case was settled for $165,000.
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, Accelerated Capital Group may be liable for investment or other losses suffered by Miiller’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.