On February 9, 2015 FINRA barred Michael Korson from the securities industry as a result of findings that Korson engaged in outside business activities in violation of FINRA rules.
Michael Korson’s bar relates to his sale of My Coupon Genie stock, which was a private securities transaction. FINRA found that Korson sold convertible debentures to his brokerage firm customers without obtaining permission from the firm.
Michael Korson had been licensed in the securities industry for 22 years, and was with PFS Investments from 1991- 2013. FINRA records show that Korson was permitted to resign from PFS Investments after the firm became aware of his sale of the My Coupon Genie securities to a firm customer. After leaving PFS, Michael Korson was briefly licensed with HBW Securities of South Lyon, Michigan before accepting a permanent bar from FINRA.
Michael Korson’s registration and disciplinary history
Micahel Korson was registered with the following firms
According to FINRA’s CRD disclosure report, Michael Korson has been the subject of one customer complaint and one regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.
Investment losses can be recovered through a process known as FINRA arbitration. FINRA regulates broker dealers that sell investments, and provides an arbitration forum to resolve investor disputes. Investors can pursue claims against their brokerage firms in the FINRA arbitration forum. Common claims in the forum are those for suitability, breach of fiduciary duty, misrepresentations and omissions, negligence, violation of FINRA rules, state and federal securities laws violations, elder abuse, breach of contract and failure to supervise. On average, the recovery process takes approximately a year, from start to finish.
FINRA’s rules require that all investment recommendations made by licensed financial advisors be suitable in light of a customer’s needs, objectives and risk tolerance. In addition, all registered representatives are required to be properly supervised, with periodic inspections and reviews by qualified supervisors, whose job it is to vigorously investigate suspicions of wrongdoing (red flags).
If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation