Michael Rubel (CRD #: 4935564), a broker and investment adviser in Tennessee, has been suspended by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record, accessed on October 28, 2020. Mr. Rubel is registered with B. Riley Wealth Management. Investors, take note: This suspension is not the only disclosure on Mr. Rubel’s record.
On September 1, 2020, Michael Rubel entered into an Acceptance, Waiver, & Consent (AWC) agreement with FINRA. As part of the terms of the agreement, Mr. Rubel consented to the findings that he engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts (UITs). On several occasions, he recommended that his clients sell their UITs before their maturation date, causing his clients to incur unnecessary sales charges. UITs can be risky investments that may be difficult for investors to assess on their own, but they often come with tempting commissions for brokers.
Michael Rubel consented to a suspension of 45 days, to last from October 5, 2020, thru November 18, 2020. In light of Mr. Rubel’s financial status, no monetary sanction was imposed. You can read a copy of the AWC here.
Michael Rubel’s record also features multiple disclosures involving tax liens and civil judgments.
- Between 2017 and 2019, the IRS imposed three tax liens on Michael Rubel, collectively totaling $84,767.19.
- Mr. Rubel also received two civil judgements in 2019 that total $17,958.
Michael Rubel has passed the Series 66 Uniform Combined State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in Florida, Georgia, New Jersey, New York, and Pennsylvania. He is also a registered investment adviser New Jersey.
Michael Rubel has worked in the securities industry for 15 years. In that time, he has worked for the following firms:
- Capitol Securities Management (CRD #: 14169)
- Wells Fargo Advisors (CRD #: 19616)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
If Michael Rubel was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys at Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for a free case consultation with a securities attorney.