FINRA suspends Waco Texas broker Michael Kamperman for 20 months
Michael Kamperman, a registered representative from Waco, Texas, formerly with H.D. Vest Investment Services and Prospera Financial Services, was suspended from FINRA membership as a result of an investigation into securities related activity conducted by regulator FINRA. Findings made in FINRA’s “Acceptance, Waiver and Consent” order included details of Kamperman making unsuitable investments, and over concentrating customer accounts in speculative, high risk oil and gas investments, as well as his recommendation of an inappropriate long term investment strategy involving an inverse, exchange traded note that was intended only for a short a term investment. Kamperman entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but agreed to a suspension of 20 months and a fine of $20,000.
In June 2019, Michael Kamperman agreed to the suspension and FINRA published its findings that he made unsuitable investments in the retirement accounts of eight customers. These unsuitable investments took the form of overconcentration in risky oil and gas industry investments, as well as the improper use of an exchange traded note that is designed for short term trading. Instead, the findings state that Kamperman recommended the note for a long term hold, thereby causing the client losses.
Michael Kamperman’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Michael Kamperman was registered with H.D. Vest Investment Services from December, 2014 through June, 2017 and with Prospera Financial Services from January, 2005 through December, 2014.
According to FINRA’s CRD disclosure report, Kamperman has been the subject of three customer complaints and one regulatory investigation.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary ways to ensure compliance with the securities laws: by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via unlawful 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.
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.