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.