Georgia based Cape Securities broker, Michael A. Lovett was fined $5,000 and suspended from the securities industry for six months for failing to supervise brokers.
According to the Letter of Acceptance, Waiver and Consent (AWC) from February 2012 to September 2012 a broker at Cape Securities converted almost $700,000 of customer funds for his own personal use. As Cape Securities’ Chief Compliance Officer, Michael A. Lovett was responsible to establishing a supervisory system designed to detect these fraudulent activities. However, he failed to do so.
In 2013 Michael A. Lovett was fined $4,000 by the Securities Commissioner of South Carolina for failing to provide a timely response to a request for information.
In 2007 Michael A. Lovett was suspended for ten business days from the financial industry and fined $10,000 for failing to supervise brokers in connection with sale literature distributed to investors by his former firm Prospera Financial.
In 2003 Michael A. Lovett was fined 15,000 and suspended for ten business days for failing to report information to FINRA, including information related to the settlement of customer complaints and forgery allegations.
If you have lost money investing with Michael A. Lovett, Prospera Financial., Cape Securities, call the attorneys at Fitapelli Kurta. Our firm sues broker-dealer firms on behalf of investors who have fallen victim to broker misconduct.
Our consultations are always free and all cases are taken on a contingency fee basis, which means we do not get paid unless and until you recover your losses.
Time to file a claim is limited, so do not delay. Call 877-238-4175 now to speak to an attorney for free.