Mack Miller, formerly with Dawson James and Spartan Capital Securities, Suspended from Securities Industry
Have you lost money with financial advisor Mack Leon Miller from New York, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Mack Miller. FINRA suspended Miller from the securities industry for five months and ordered him to pay partial restitution of $2,500.
Miller was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning). FINRA alleged that one of Miller’s elderly customers had an account with a cost-to-equity ratio of 31% while at Dawson James, and the same customer had a cost-to-equity ratio of 185% while at Spartan Capital Securities. To put this in perspective, if an account had a cost equity ratio of 31%, that means the trading in the account would have to make a 31% profit annually just to break even from the costs of trading.
Mack Leon Miller was a registered representative and financial advisor with Dawson James from May 2016 to April 2017. He was also with Spartan Capital Securities from April 2017 to April 2020. He worked out of a branch office in New York, New York. Miller has also been the subject of at least three customer complaints.
Broker-dealers like Dawson James and Spartan Capital Securities have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.