Securities Arbitration Lawyer Blog
FINRA has barred former Cambridge Investment Research, Inc. broker William Michero from the securities industry. Mr. Michero consented to the sanction and to the entry of findings that from April 2018 through February 9, 2021, while associated with his firm and serving as the trustee for a senior beneficiary’s accounts at other financial institutions, he converted more than $263,000 from those accounts.
If you have suffered investment losses with William Michero, or Cambridge Investment Research, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021072162901
William Michero and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on September 10, 2021, after FINRA alleged that from April 2018 through February 9, 2021, while associated with Cambridge and serving as the trustee for a senior beneficiary’s accounts at other financial institutions, Mr. Michero converted more than $263,000 from those accounts, in violation of FINRA Rule 2010.
FINRA indicated that the matter originated from the receipt of a regulatory tip.
FINRA Rule 2010 requires FINRA members and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Conversion is an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. Conversion violates FINRA Rule 2010, even when the conversion occurs outside the scope of a registered representative’s employment with a FINRA member because it calls into question a registered representative’s ability to fulfill his or her fiduciary duties in handling other people’s money.
The findings stated that during April 2018, Mr. Michero began serving as the trustee for four accounts maintained for a senior beneficiary at another FINRA member firm and at two additional financial institutions. Mr. Michero disclosed this outside business activity to Cambridge by May 2018. From April 2018 until the end of his service as trustee in February 2021, Mr. Michero transferred at least $263,286 from the trust accounts to his own account without authorization. Mr. Michero used the funds to pay for his own personal expenses.
Therefore, Mr. Michero violated FINRA Rule 2010. Accordingly, he has been barred from associating with any FINRA member firm in any capacity.
William Michero (CRD#: 4617645)
William Michero was registered with Cambridge Investment Research, Inc. (CRD No. 39543) from February 2009 until August 2021. On August 25, 2021, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that Michero had been terminated on August 12, 2021, and that he had “misappropriated trust funds through his outside activity as a trustee.”
Mr. Michero is not currently registered or associated with a FINRA member. However, he remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws.
Mr. Michero was previously registered with Merrill Lynch, Bank of America Investment Services, Inc., 1st Global Capital Corp., and UBS Financial Services Inc. He entered the securities industry in 2003.
According to his BrokerCheck report, Mr. Michero was also the subject of a $56,905 IRS Tax lien in April 2021.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with William Michero, or Cambridge Investment Research, Inc., contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.