Michael Crowe, formerly of Securities America, Suspended and Fined by FINRA for Selling Investment in Simply Smart Homes
Have you lost money with financial advisor Michael Crowe of Mesa, Arizona? We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) and the Arizona Corporation Commission against Michael A. Crowe. Early this year, Arizona alleged that Crowe solicited an investor to invest $50,000 in Simply Smart Homes, LLC, which was purported to invest in and flip residential property.
In October 2017, FINRA also made a complaint against Crowe regarding the same allegations of his sales of Simply Smart Homes. FINRA suspended Crowe from the securities industry for one month, fined him $5,000, and ordered him to disgorge $2,500 in commissions earned from selling Simply Smart Homes.
Simply Smart Homes was run by Richard Smart. It was not disclosed to investors that Smart had several tax liens against him in Utah, and that Simply Smart Homes had defaulted to at least two loans. Arizona alleged that Crowe did not have permission from his brokerage firm, Securities America, to sell investments in Simply Smart Homes. Arizona seeks to bar Crowe from the securities industry and fine him.
Michael Anton Crowe was a financial advisor and registered representative of Securities America from December 2012 to October 2016. He was also affiliated with Verus Capital Partners in Mesa. He worked at a branch office in Mesa, Arizona and lived in the Phoenix area. Crowe has the subject of at least five customer complaints. Crowe was also previously subject to two financial compromises.
Brokerage firms like Securities America have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Arizona and the Phoenix area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Securities America.
Click to view: Crowe, Michael FINRA AWC
Click to view: Crowe, Michael BrokerCheck 7.3.17
Click to view: Crowe, Michael Arizona Complaint
If you lost money with Michael Crowe or Securities America, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.