Michael Calvin (CRD #: 3269670), a broker and an investment adviser registered with Merrill Lynch, Pierce Fenner & Smith Inc., is facing allegations that he executed excessive trades and misrepresented certain fees and commissions, according to his BrokerCheck record, accessed August 25, 2020.
On July 14, 2020, a client alleged that Mr. Calvin engaged in excessive trading between January 2019 and July 2020. The client is seeking $485,000 in damages; the dispute is pending.
Why would a broker execute excessive trades? When a broker executes a trade, they receive payment in the form of fees and commissions. Unscrupulous brokers line their pockets by making more trades than are needed to further their clients’ financial goals.
On January 15, 2020, a client alleged that Michael Calvin misrepresented fees and commissions that he received from certain securities. The dispute settled for $450,388.65.
Michael Calvin has passed the Series 66 Uniform Combined State Law Examination, the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 7 General Securities Representative Examination, and the Series 24 General Securities Principal Examination. He is registered as a broker in Alabama, Arizona, California, Colorado, Florida, Georgia, Indiana, Maryland, Massachusetts, Michigan, Nevada, North Carolina, Oregon, Pennsylvania, Texas, Virginia, Wisconsin. He is also a registered investment adviser in Texas.
Michael Calvin has worked in the securities industry for 19 years. He has worked at the following firms:
- UBS Financial Services Inc (CRD #: 8174)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
- Covenant Advisors LLC (CRD #: 126884)
- World Group Securities, Inc. (CRD #: 114473)
- Eltekon Securities LLC (CRD #: 111645)
- Eltekon Advisors LLC (CRD #: 115371)
- The Penn Investment Group, Inc. (CRD #: 38530)
If Michael Calvin 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 email@example.com for your free case consultation with a securities attorney.