How to Bring a Claim Against Former Wedbush Securities Inc. Broker Michael Sims
Posted on Tuesday, November 5th, 2019 at 12:04 pm
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former Wedbush Securities Inc. broker Michael Sims (CRD# 1034180). Sims was registered with Wedbush Securities Inc. in Santa Rosa, California from 2005 to 2019.
Sims has been the subject of four customer complaints between 2009 and 2019, according to his CRD report. Recent cases are regarding:
August 2019. “Client represents excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision.” The customer is seeking $250,000 in damages and the case is currently pending. This complaint took place while Sim was registered with Wedbush Securities Inc. and was regarding common and preferred stocks.
January 2019. “On behalf of the Clients, attorney sent the firm a demand letter to resolve a potential Statement of Claim which would have alleged the following: Unsuitability, Breach of Fiduciary Duty of Loyalty, Negligence, Negligent Misrepresentation, Breach of Contract, Material Omissions and Misrepresentations in Connection with the Sale of Securities, Fraud and Deceit based on Concealment and Violations of Federal statutes, California laws and FINRA Rules and Regulations Regarding the Sale of Securities.” The customer sought $2.7 million and the case was settled for $702,600. This complaint took place while Sim was registered with Wedbush Securities Inc. and was regarding common and preferred stocks and master limited partnerships (MLPs).
July 2018. “On July 13, 2018, during a conversation with the FA, Client stated she was unhappy with the losses in her account and she wanted to be made whole.” The case was settled for $26,604.71. This complaint took place while Sim was registered with Wedbush Securities Inc. and was regarding MLPs.
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, Wedbush Securities Inc. may be liable for investment or other losses suffered by Sims’ 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.