Regulator Investigates Sigma Financial Broker For Annuity Misconduct
Peter Matthew Bakalis of Trenton Michigan a stockbroker formerly employed by Sigma Financial Corporation is the subject of an investigation launched by the State of Michigan Department of Insurance and Financial Services on December 12, 2018 concerning Bakalis’ possible involvement in the unsuitable surrender of three customers’ annuity contracts.
FINRA Public Disclosure confirms that Bakalis has been referenced in two more customer initiated investment related disputes pertaining to accusations of his violative conduct while he was associated with Sigma Financial Corporation. In particular, on September 29, 2015, a customer initiated investment related civil action involving Bakalis’ conduct was brought in the 48th Judicial District Court of Bloomfield Hills, Michigan, which was settled to resolve allegations that the customer was not provided important information concerning the merger of the customer’s non-traded real estate investment trust investment into another real estate investment trust. Civil Action No. 15-32921-SC-3 (May 10, 2016).
Also, on October 1, 2018, a customer filed an investment related arbitration claim where the customer requested damages estimated to exceed $5,000.00 supported by accusations that the customer’s signatures had been seemingly forged by Bakalis on documentation used to both establish the customer’s account and transfer assets in or out of the customer’s managed accounts.
FINRA Public Disclosure further reveals that on October 3, 2018, Bakalis was discharged by Sigma Financial Corporation based upon allegations that he possibly forged the customer’s signature on account documentation to effect investment related transactions.
Since February 13, 2019, Bakalis has been employed with D.H. Hill Securities, LLLP.