Michael Bressman was a New Jersey-based securities broker. He worked in the securities industry for thirty-eight years. During his career, he was registered with just two different securities firms. They were Merrill Lynch (1979-2000) and FCG Advisors (2000-2018). He is no longer working as a registered securities broker in any fashion.
Michael Bressman’s publicly available FINRA BrokerCheck report shows that he has received multiple red marks on his record that include customer complaints, employment terminations, sanctions from the Securities and Exchange Commission, and even criminal charges.
In April 1987, a customer alleged that Bressman exercised unauthorized discretions in their accounts. This case was settled for $60,000 in damages.
In November 1999, another customer alleged that Bressman exercised discretion without the proper authorization. This case was settled for $25,000 in damages. Following these allegations, he was terminated from his position at Merrill Lynch in January 2000.
In January 2000, another customer alleged that Bressman exercised discretion without the proper authorization. This case was settled for $15,000 in damages.
In July 2002, a customer alleged unauthorized trading. This case was settled for $90,000 in damages.
In May 2018, he was terminated from his position at FCG Wealth Management following allegations that he engaged in a fraudulent “cherry picking” scheme over a six-year period. A “cherry picking” scheme is when a broker defrauds his customers by purchasing stock and then waiting to see if the price goes up or down before officially allocating the trade. If the stock goes up, the broker keeps the trade for himself or for “favored” accounts. However, if the stock goes down, the broker allocates the stock to an unfavored customer’s account. An unfavored account usually belongs to a more modest investor who relies much more heavely on not losing their principal. Michael Bressman is facing pending charges from the United States Securities and Exchange Commission as well as pending criminal charges of both Investment Advisor Fraud and Securities Fraud.
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 Bressman, please contact Oakes & Fosher for a free and private consultation.