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MICHAEL FINNIE of Securities America Accused of Unsuitable Investments
Michael Finnie, Formerly of Securities America, Subject of Virginia Regulatory Action
ALEXANDRIA, VIRGINIA Have you invested with advisor Michael Finnie, formerly with Securities America in Alexandria, Virginia? The Virginia Corporation Commission brought a regulatory action against Finnie’s former firm, Securities America, in 2021. Virginia alleged that Michael Finnie made an unsuitable recommendation to invest his client’s money in Business Development Corporation of America (BDCA).
Virginia alleged that BDCA was an illiquid alternative investment, and that the client had no prior experience investing in products like this. Virginia also claimed that this investment was contrary to the customer’s stated investment objectives. To settle these allegations, Securities America agreed to buy back BDCA from the customer for $50,000, plus paying $25,000 in costs and penalties. Michael Finnie did not pay any of the fine or penalty.
Michael Finnie had been a representative of Securities America from December 2010 to August 2018 in Alexandria, Virginia. Finnie has also been affiliated with J.W. Cole Financial, LPL Financial, and Aegis Capital in various offices in Virginia and Maryland.
The Virginia Corporation Commission focused on suitability, which requires that brokers and advisors make investment recommendations that meet a customer’s investment objectives, risk tolerances, age, and other factors. Failures to abide by suitability rules could lead to liability for the brokerage firm and broker.
Our law firm has represented numerous investors throughout the country, including investors in Virginia and Maryland. We have also represented investors against Securities America.
View Finnie, m BrokerCheck 3.8.23