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Former TD Ameritrade, Inc. Client Wins FINRA Arbitration for $720,000 for Wealth Strategies Funds Losses

Posted on Monday, September 23rd, 2019 at 8:51 pm    

TD Ameritrade

In August 2019, a former client of TD Ameritrade, Inc. won an award in a FINRA arbitration for $720,816.60 plus 7.5% per annum in compensatory damages, a $300 filing fee, prejudgment interest and expert witness fees for investment losses. The investor was a client of financial advisor Michael Bayliss (CRD# 3274327).

The causes of action included wrongful conduct; breach of fiduciary duty; fraud by misrepresentation and omission; breach of written and oral contract; failure to supervise and control; and violations of state and federal securities laws, FINRA rules of fair practice and NYSE rules. The causes of action are related to the claimant’s investment in Wealth Strategies Funds. The FINRA arbitration hearing was conducted in Reno, Nevada.

In 2018, the Nevada attorney general charged Mr. Bayliss with securities fraud and other violations that took place between April 2011 and December 2015 in Carson City, Nevada.

In January 2010, the Nevada State Board of Accountancy sanctioned Bayliss to a $10,000 civil and administrative penalty regarding the following allegations: “conflicts of interest, inappropriate investing on behalf of a client, conduct discreditable to the public accounting profession, filing of a tax return which failed to comply with standards in violation of rule 202 of the code of professional conduct, engaging in dishonest, fraudulent or gross negligent conduct.”

Wealth Strategies by Bayliss & McAninch Inc. of Carson City, Nevada was a registered investment advisory firm from 2004 until August 2016.

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, TD Ameritrade, Inc. may be liable for investment or other losses suffered by its 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.