Michael Sims (CRD#: 1034180), formerly a registered representative with Wedbush Securities in Santa Rosa, California, is currently involved in a $250,000 customer dispute. A client, who filed the dispute on August 13, 2019, alleges “excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision,” according to Michael Sims’ BrokerCheck record accessed on October 1, 2019. While Michael Sims was affiliated with Wedbush Securities at the time the alleged mismanagement occurred, he is not currently registered as a broker.
This is not the only dispute on Michael Sims’ BrokerCheck report.
A January 18, 2019, a client alleged that Michael Sims made unsuitable investment recommendations, breached his fiduciary duty, negligently misrepresented investments, breached contract, and made material omissions in connection with the sale of securities, among other allegations. The client sought $2.7 million in damages; the matter was settled for $702,600.
On July 13, 2018, a client complained of losses in her account. She sought $26,604.71 and the matter was settled for the same amount. About ten years earlier, on June 27, 2008, Michael Sims became involved in a customer dispute in which a client alleged that he made unsuitable investment recommendations, engaged in excessive trading, and generated excessive commissions.
Over his 37-career as a broker, Michael Sims worked at five brokerage firms:
- Wedbush Securities Inc. (CRD#: 877) of Santa Rosa, California
- Citigroup Global Markets Inc. (CRD#: 7059) of New York, New York
- Lehman Brothers Inc. (CRD#: 7506) of New York, New York
- F. Hutton & Company Inc. (CRD#: 235)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691)
If Michael Sims was your broker or if you have questions about account mismanagement or excessive trading, don’t hesitate to contact the experienced securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email email@example.com for your free consultation with a securities attorney.