WARNING! Impending Investigation–MICHAEL W. KORSON and PFS INVESTMENTS
Michael W. Korson and PFS Investments
Have you lost money with financial advisor Michael W. Korson from Wixom, Michigan? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael Korson. FINRA alleged that Korson sold convertible debentures and preferred stock in a company that he was an owner, called My Coupon Genie, Inc. Korson was alleged to have sold over $1 million in preferred stock and at least $200,000 in convertible debentures to his clients.
FINRA alleged that Korson did not have permission from his brokerage firm, PFS Investments, to sell these investments. It was also alleged that Korson misappropriated $2,000 of investor money from My Coupon Genie to pay for personal expenses, such as spa and dental treatments. FINRA barred Michael Korson from the securities industry for this conduct.
Michael Korson was a financial advisor and registered representative of PFS Investments from 1991 to February 2013. He worked at a branch office in Wixom, Michigan. He was “permitted to resign” by PFS Investments after it investigated these allegations.
Brokerage firms like PFS Investments 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, such as refraining from selling investments and securities that are not approved by the firm. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our attorneys have represented hundreds of investors who have been defrauded by their financial advisor or stockbroker. While we have offices in Denver and the Seattle area, we have previously represented numerous clients in Michigan, and attorney Aaron Israels is licensed in Michigan. If you have lost money with Michael W. Korson or PFS Investments and want to hear about ALL legal options, please visit https://www.israelsneuman.com or call us at 720-599-3505.
Click to view FINRA AWC: Korson FINRA AWC