California Financial Advisor Barred for Failing to Appear in FINRA Investigation
Michael J. Talin of Seal Beach, CA, a former general registered representative with Woodbury Financial Services, was barred from association with any FINRA-registered firm in all capacities after failing to appear for an on-the-record interview in connection with FINRA’s investigation of allegations that Talin converted monies from the non-securities account of a customer. FINRA Letter of Acceptance, Waiver and Consent No. 20150453773-01 (July 28, 2015).
According to the Acceptance, Waiver and Consent (“AWC”), on June 10, 2015, FINRA requested that Talin provide documents and information pertaining to the investigation and appear for testimony on June 19, 2015, in connection with FINRA’s investigation into conversion of customer funds by Talin. The AWC indicated that the day prior to the scheduled testimony, Talin’s attorney informed FINRA staff that Talin was not going to cooperate with FINRA’s requests that he provide documentation and appear for testimony.
FINRA registered representatives like Talin who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Public Disclosure Records
Public disclosure records reveal that Talin has been subject to 7 tax judgment/liens from 2006 – 2013, totaling over $400,000. Talin has also been subject to 3 customer disputes, 2 of which are pending. In April 14, 2009, Talin settled a dispute for $100,000 after customers alleged that the replacement of two equity indexed annuities with variable annuities was unsuitable, negligent, and in breach of fiduciary duty. On April 17, 2015, Talin became subject to a pending customer dispute where a client is requesting $321,850.00 in damages pertaining to allegations that Talin placed customer funds via 48 checks from August 2011 through May 2012 for deposit into an account controlled by Talin rather than for deposit into the client’s investment accounts. On May 11, 2015, Talin became subject to a pending customer dispute where a client alleged $300,000 in damages due to misappropriation. Public disclosure records additionally reveal that Talin was discharged from Woodbury Financial Services as a result of allegations that Talin failed to disclose a civil complaint and three tax liens to his employer.
Guiliano Law Group
Investors suffering losses or damages caused by Talin may be able to recover their investment losses. Our practice is limited to the representation of investors in claims, for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.