Michael Lyle is currently under investigation by the law firm of Oakes & Fosher. According to his publicly available FINRA BrokerCheck report, Michael Lyle has received multiple customer complaints over the course of his career. Oakes & Fosher is trying to determine if their are more customers that have grievances against securities broker Michael Lyle.
Michael Lyle is a Florida based securities broker. He has worked in the securities industry for twenty-five years. During his career, he was registered with four different securities firms.
- Intersecurities, Inc. (1994)
- WMA Securities (1994-2002)
- World Group Securities (2002-2012)
- Transamerica Financial Advisors (2012-Present)
Allegations Against Him
- In June 2018, a customer alleged that Michael Lyle recommended an unsuitable product to them. The customer also alleged that Lyle failed to inform her of the tax penalties that associated with early withdrawals.
- In January 2019, a customer alleged that a product she purchased on Michael Lyle’s recommendation had been misrepresented to her by Lyle. He allegedly falsely told her that she would receive $7,500 a month in returns. He also allegedly failed to inform the customer of the tax consequences associated with early withdrawals. This case is currently pending. The customer is seeking $100,000 in damages.
What Does This Mean?
Securities brokers have both a fiduciary duty and a legal obligation to always act in the investors best interests. Brokers are only supposed to recommend products to investors that are suited for them. This depends on factors such as investment objectives and financial situation. Brokers are also required to disclose all facts associated with potential investments including; fees and tax consequences.
How Can We Help?
Many investors are unaware of the legal recourse available to them when they lost money due to stock broker negligence or misconduct. 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 Lyle, please contact Oakes & Fosher for a free and private consultation.