Securities Lawyers Blog
Our investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Michael Spears (Spears) currently associated with IMS Securities, Inc. alleging negligence, failure to supervise, misrepresentation, breach of fiduciary duty among other claims. According to BrokerCheck records Spears has been subject to two customer complaints involving direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), and other alternative investments.
The most recent claim was filed in August 2016 and alleges that, while Spears was employed at IMS Securities, acted negligently, misrepresented material facts, failed to supervise, and breached his fiduciary duty in connection to non-traded real estate investment trusts (REITs) causing damages of $1,667,000. The claim is currently pending.
In July 2016, a customer filed a complaint alleging that Spears breached his fiduciary duty, over-concentrated investments, and failed to supervise in correlation to real estate products and variable annuity investments causing $3,000,000 in damages. The claim is currently pending.