- October 20, 2023
- Centaurus Financial
Michael Young Hamilton (CRD#: 2038138) is a registered investment advisor and broker at Centaurs Financial, Inc., in Fort Myers, FL.
Michael Hamilton entered the securities industry in 1992. He previously worked for J.P Turner & Company Capital Management, LLC; Gunnallen Financial, Inc.; Raymond James & Associates, Inc.; Prudential Securities Incorporated; Smith Barney Inc.; and Lehman Brothers Inc.
Allegations of Misconduct
According to publicly available information from the United States Securities and Exchange Commission (SEC), “the SEC alleges the Registered Representative potentially violated Rule 151-1(a) of the Securities Exchange Act of 1934, known as Regulation Best Interest, by failing to comply with the Care Obligation found in Rule 151-1(a)(2)(ii).” The regulatory investigation is still pending.
In addition, Michael Hamilton has been the subject of one other disclosure, which includes the following:
- August 2006—“ BREACH OF CONTRACT; BREACH OF FIDUCIARY RESPONSIBILITY; MISREPRESENTATION; NEGLIGENCE; SUITABILITY. THE GRANDDAUGHTER OF THE GRANTOR OF THE TRUST, QUESTIONS THE SUITABILITY OF INVESTMENTS AND LOSS OF PRINCIPAL IN THE ACCOUNT.” The damage amount requested was $15,000. The customer dispute settled for $5,000.
For a copy of Michael Hamilton’s FINRA BrokerCheck, click here.
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Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
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