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National Securities Broker Michael Burkoff Accused of Unsuitable Investment Recommendations Involving Structured Products

National Securities Broker Investigated Over Unsuitable Investment Recommendations

Our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm) are looking into claims by investors who suspect that National Securities stockbroker Michael Burkoff recommended investments that were unsuitable for them. Burkoff is a registered representative with National Securities. He has been the subject of a number of customer complaints. 

Our seasoned securities fraud attorneys have been successful at representing investors from all over the United States in cases of broker fraud. If you are interested in finding out how you can recover investment losses, get in touch with us today. 

Burkoff is Accused of Broker Fraud Involving Structured Products 

According to his BrokerCheck record, there is at least one investor dispute still pending against Burkoff in which the claimant is seeking $150K in damages. The claim alleges unsuitability and breach of fiduciary duty involving structured products. 

What Are Structured Products? 

Structured products, such as principal-protected notes, index-linked CDs, and reverse convertibles are complex investments and they are certainly not suitable for every investor. They do, however, result in high commissions that put money in the pockets of stockbrokers and their brokerage firms. 

It is a stockbroker’s duty to make sure that not only is the investment they are recommending suitable for your portfolio,  goals,  and the degree of risk that you can handle, but also that you fully understand the risks that are involved. Your best interests should always come first. 

The customers of this stockbroker are claiming that he did not keep their best interests in mind when unsuitably recommended structured products that were not right for the customer’s portfolio. Due to the recommendations he made and a case of breach of fiduciary duty, the customer became the victim of broker fraud. 

More Customer Disputes That Named Burkoff 

Another customer dispute in 2015 involving Burke that also alleged poor investment recommendations and advice was rejected. However, an unauthorized trading claim from 2012 did conclude with a settlement, as did an earlier claim alleging mishandling of a trade.

With 23 years in the industry, Michael Burkoff has been a registered broker with six other firms, including Bluestone Capital Corp., Joseph Gunnar & Co., Briarwood Investment Counsel, Duke & Co., Whale Securities Co., and Joseph Stevens & Co. 

National Securities Brokers Flagged by Reuters

Burkoff is not the only National Securities registered representative accused of fraud or negligence. Reuters, in 2017, reported that 35% of the firm’s then 714 brokers had been involved in regulatory or legal disputes, and/or had personal financial problems. The brokerage firm itself been fined by the Financial Industry Regulatory Authority (FINRA) more than two dozen times over the last 20 years. 

Contact Our Stockbroker Fraud Lawyers 

If Michael Burkoff or any other National Securities broker was your registered representative and you suffered losses that you suspect may be due to fraud or negligence,  SSEK Law Firm can help you explore your legal options during a free, no-obligation case consultation. Contact us online or call 800-259-9010.

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