The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Michael Collins. According to his publicly available FINRA BrokerCheck report, Michael Collins has been the subject of a FINRA sanction.

Michael Collins was an Illinois based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations 

  • Citigroup Global Markets (1999-2004)
  • Morgan Stanley DW (2004-2007)
  • Morgan Stanley & Co. (2007-2009)
  • Morgan Stanley Smith Barney (2009-2010)
  • Robert W. Baird & Co. (2010-2017)
  • Kingsbury Capital (2017-2019)

The Allegations 

Michael Collins was officially sanctioned by FINRA in November 2019. The findings in this matter state that Collins engaged in unauthorized private securities transactions that totaled approximately $200,000. Michael Collins allegedly sold membership units of an LLC whose main purpose was to operate a new restaurant in Chicago. Michael Collins, alongside his father held the majority interest in this limited liability company. The firm knew of this outside venture and had directly prohibited Michael Collins from soliciting investments from member firm customers. Due to these alleged actions, Michael Collins was fined $10,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of five months.

What Does This Mean?

Securities brokers are not allowed to solicit member firm customers for private investments against their member firm’s wishes. Private investments often create substantial conflicts of interest for securities brokers like Michael Collins. It is not uncommon for securities brokers to recommend private securities to member firm customers because they themselves have a financial stake in said investment–as was the case here. This often clouds brokers’ judgement and may lead to them recommending these private investments to customers that are woefully unsuited for them.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Collins, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.