Ryan Miguel, Infinity Fuels hit with cease and desist order in Arizona.
On April 11, 2017 the Corporation Commissioner for the state of Arizona, acting through the Securities Division issued a cease and desist order against Ryan Miguel, a former registered representative with Merrill Lynch for violations of the Securities Act of Arizona, specifically section 44-1801. As a result of the cease and desist order Miguel had his license to sell securities in Arizona revoked.
The Securities Divisions’ complaint stems from an investigation into Infinity Fuels, a Nevada Corporation, which issued securities via a non-exempt private placement. Infinity Fuels was a startup company that purportedly was raising money to develop “waste to fuel” refinery capabilities. Miguel served as the chief development officer and was on the board of directors for Infinity Fuels. The Corporation Commissioner also found that Miguel made misstatements of material fact during the sales presentation for Infinity Fuels, which resulted in a customer being misled about the prospects of the company, and the return on the investment.
The Arizona Corporation Commissioner’s action imposed penalties on Ryan Miguel, ordered the rescission of the Infinity Fuels’ investment, and revoked Miguel’s securities salesman license in Arizona.
Ryan Miguel’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be licensed or exempt from licensing. Ryan Miguel has not held a license with a FINRA approved firm since August, 2015.
According to FINRA’s CRD disclosure report, Ryan Miguel has been the subject of one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
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 suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.