Israels & Neuman, PLC investigates GARY ROBERT MILES (CRD# 846108), formerly of MIDAMERICA FINANCIAL SERVICES, INC. (CRD# 47351 / SEC# 8-51758)
Have you lost money with financial advisor GARY R. MILES (CRD# 846108) formerly of MIDAMERICA FINANCIAL SERVICES, INC. (CRD# 47351 / SEC# 8-51758) Northeast, Pennsylvania? We are investigating allegations made by the Pennsylvania Department of Banking and Securities, related to the conduct of Gary Miles. Gary Miles’ CRD report, a public record maintained by FINRA, the Financial Industry Regulatory Authority, states that:
Gary R. Miles offered for sale stock in PA that was neither registered nor exempt from registration. In connection with the offer, Gary R. Miles made untrue statements of material fact or omitted to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; and engaged in acts, practices or courses of business which operated or would operate as a fraud or deceit.
The allegations of the Securities Department arise from Miles’ sales of unregistered securities; specifically, investments in Intellamed, Inc. and Netgate Co. Rights to Intellamed, Inc. Gary Robert Miles was previously fined by the state of Pennsylvania for “selling away,” again, related to the sale of unregistered securities in 2007.
Miles was a registered financial advisor with Midamerica Financial Services, Inc. from May of 2012 through December of 2013 and from May of 2009 and June of 2010. Prior to that, Miles was registered with U.S. Brokerage, Inc., UBS Painewebber, Inc., Acument Securities, Inc., and Prescott, Ball & Turben, Inc.
Brokerage firms 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 Pennsylvania. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including AXA Advisors, LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
If you lost money with Gary Robert Miles or Midamerica Financial Services, Inc., please Contact Us at 720-599-3505 for a free evaluation of your case.
Click to view: Miles Consent Order
Click to view: Miles brokercheck