Michael Bayliss Investigation
In August, 2019, a FINRA arbitrator panel sitting in Reno, Nevada made an award in excess of $700,000 in favor of an investor in the Michael Bayliss Wealth Strategies Fund. The award was made against TD Ameritrade for failing to properly vet the Michael Bayliss investment. Among the claims asserted were those for failure to supervise, breach of contract and violations of state and federal securities laws. The award includes pre judgment interest and reimbursement for Claimant’s expert witness fees.
The case was brought against TD Ameritrade, which acted as an IRA Custodian for funds managed by Michael Bayliss and his Wealth Strategies Fund. The investor asserted that being associated with TD Ameritrade gave Bayliss credibility, and it was this association that lead her to place her trust in him and his firm. The investor also alleged that TD Ameritrade failed to inquire into valuations provided by the Wealth Strategies Fund, giving her a false sense of security as to the value of her investments.
In August 2018 The State of Nevada charged Michael Bayliss with securities fraud for conduct involving a number of elderly people that was done through the Wealth Strategies Fund.
As a result of this criminal charges and the arbitration award The Law Office of David Liebrader has opened an investigation into Michael Bayliss and Wealth Strategies Fund as well as their relationship with TD Ameritrade.
Michael Bayliss broker check report shows that he is not currently registered as a broker or an investment advisor, and lists four customer disputes and one regulatory action.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Wedbush Securities has thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Michael Bayliss or his Wealth Strategies Fund please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.