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

Michael Hurtgen is a Colorado based securities broker. He has worked in the securities industry for thirty-one years. During his career, he has been registered with seven different securities firms.

His Registrations

  • Painewebber Incorporated (1987-1988)
  • Bear, Sterns & Co. (1989-1990)
  • U.S. Bancorp Investments (1991-1998)
  • RBC Capital Markets Corporation (1998-2009)
  • Raymond James Financial Services (2009-2016)
  • Girard Securities (2016-2017)
  • Cetera Advisor Networks (2017-Present)

The Allegations

Michael Hurtgen was officially sanctioned by FINRA in March 2018. The findings in this matter state that he allegedly solicited ten member firm customers to invest in a private placement without providing written notice to the firm. Due to these allegations, he was fined $5,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of two months. He was terminated from his position at Raymond James two years prior when the allegations first came to light.

What Does This Mean?

Securities brokers are not allowed to solicit member firm customers to invest in private investments without first disclosing it to their member firm. This gives securities firms the opportunity to decide if the investment is suitable or not, or if the broker has a significant conflict of interest that is motivating him to recommend it. For instance, a securities broker might simply be recommending a private investment because they themselves have a financial stake in said investment, or because they are receiving cash incentives from a third party to do so, or simply because of the excessively high commission they receive when the transaction is executed. These motivations quite often lead to less than scrupulous securities brokers recommending private investments to customers that are not financially suited for them. However, the member firm is not absolved from liability simply because the broker fails to communicate their intent to engage in these transactions. Securities firms need to have adequate supervisory procedures in place designed to prevent its registered brokers from engaging in any unauthorized and potentially harmful activities.

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 Hurtgen, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cased on a contingency basis, which means there are no fees charged unless we collect for you.