Did Michael Justin Nagy Cause You Investment Losses?
Michael Justin Nagy of Scottsdale, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred from association with any FINRA member in all capacities. The sanction was based on findings that he converted funds from his firms bank affiliate in violation of FINRA Rule 2010.
In July 2017, Michael Justin Nagy joined Merrill Lynch while registered as a General Securities Representative. The firm later filed a Uniform Termination Notice for Securities Industry Registration (Form U5) in December 2019, disclosing that Nagy had been discharged due to alleged misconduct. According to FINRA’s findings, while working at the firms affiliated bank, Nagy was given $100 in cash to return to the previous customer that had left it behind at the ATM. The findings state that when the manager asked Nagy about the cash left, he allegedly disclaimed any knowledge of the missing funds and decided to keep it rather than report it. Although Michael Justin Nagy is not currently registered or associated with a FINRA member, he remains subject to FINRA’s jurisdiction.
FINRA Rule 2010 requires associated persons of FINRA members to adhere to 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 if the conversion occurs outside the scope of an associated person’s employment with a FINRA member or even if the person from whom the funds are converted is not a customer of the firm with which the respondent was associated.
Do You Need an Arizona Securities Account Theft Attorney?
Are you a Scottsdale, Arizona investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Arizona stockbroker or investment advisor transfer assets without your authority to the stockbroker or another party, steal, or otherwise commit theft in your investment account? If so, you will need to have representation from an experienced, highly rated, and nationally recognized FINRA arbitration securities law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these securities account theft cases and other complex legal issues.
Free Initial Consultation With Experienced Attorneys Handling Securities Account Theft Cases Serving Scottsdale, Arizona Residents in FINRA Arbitrations
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities, and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Arizona, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities, and investment law disputes serving Arizona citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.