The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Timothy Millis. According to his publicly available FINRA BrokerCheck report, Timothy Millis has been the subject of a customer dispute and a FINRA sanction.
Timothy Millis was a Michigan based securities broker. He worked in the securities industry for thirty-nine years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- America Capital Financial Services (1980-1984)
- The Variable Annuity Marketing Company (1980-1981)
- Valic Financial Advisors (1999-2002)
- NYLIFE Securities (2002-2019)
The Allegations
- In April 2019, it was alleged that a customer incurred excessively high front-end sales charges when funds from a variable annuity were transferred to their brokerage account. This is a highly unsuitable practice that was allegedly executed on Timothy Millis’ recommendation.
- In November 2019, Timothy Millis was officially sanctioned by FINRA. The findings in this matter state that Millis engaged in a highly unsuitable and self-serving trading strategy involving mutual funds. Products known as Class A mutual funds are securities designed to be long-term investments. Despite this, Timothy Millis allegedly recommended numerous customers purchase these Class A shares and hold them for very short periods. This type of trading often causes the afflicted customers to incur hefty sales charges. The customers in this case incurred a total of $174,725 in upfront sales charges alone. FINRA determined that Timothy Millis either knew or should have known that this was an incredibly unsuitable trading strategy designed to increase broker commissions at the customer’s expense. Because of his alleged actions, Millis was forced to pay $7,500 in disgorgement and was suspended from acting as a securities broker in any fashion for a period of three months. He had been terminated from his position at NYLIFE Securities the previous April due to the allegations.
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 Timothy Millis, 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.
