INVESTOR ALERT! MICHAEL DUCH of Aberdeen, SD
Michael Duch Fined and Suspended
Have you lost money with financial advisor Michael Duch of Aberdeen, South Dakota? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael A. Duch. FINRA alleged that Duch sold investments to his clients without permission from his brokerage firm, Cambridge Investment Research, which is against FINRA regulations and firm policies.
FINRA alleged that during 2010, Duch recommended that some of his clients invest in Running Springs Oil & Gas L.P., which was purported to be an oil and gas investment in the Bakken shale formation of North Dakota. Duch was also alleged to have recommended investments in Obele Energy L.P., also purported to be an oil and gas investment in the Bakken shale formation. He also sold investments in Montana Victory Insurance Services, an insurance company from Montana.
It was alleged that Duch sold these investments without authorization from Cambridge Investment Research. To settle these claims, Duch agreed to pay a $15,000 fine and a 20 day suspension from the securities industry.
Michael Duch was a financial advisor and registered representative of Cambridge Investment Research from September 2005 to August 2010, and with Kovack Securities from July 2010 to the present. He worked at a branch office in Aberdeen, South Dakota.
Brokerage firms have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in South Dakota. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Duch FINRA AWC
Click to view: Duch BrokerCheck 10.16.15
Have you lost money with Financial Advisor, Michael Duch?
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Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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