Former Financial Advisor Michael Brickman Barred by FINRA

• August 27, 2024
• Pruco Securities

Michael Craig Brickman (CRD#:4042866) was a previously registered broker.

Broker’s History

He entered the securities industry in 2000 and previously worked with Nathan & Lewis Securities, Inc.; Walnut Street Securities, Inc.; Prime Capital Services, Inc.; Lincoln Investment Planning, Inc.; Jackson National Life Distributors LLC; Hartford Equity Sales Company Inc.; and Pruco Securities, LLC.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February of 2024, without admitting or denying the findings, Brickman consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA in connection to its investigation into whether he accepted personal checks made out to himself from a client.

From May 2018 to August 2023, Brickman was registered with FINRA as an Investment Company and Variable Contracts Products Representative through an association with Pruco Securities, LLC (CRD No. 5685). On August 9, 2023, Pruco Securities filed a Uniform Termination Notice for Securities Industry Registration (Form U5), reporting that Brickman had voluntarily terminated his association with the firm while the firm was investigating “allegations that [Brickman] accepted personal checks made out to [Brickman] from a client.

On January 9, 2024, FINRA sent a request to Brickman for the production of information and documents pursuant to FINRA Rule 8210. As stated in his counsel’s email to FINRA on January 26, 2024, and by this agreement, Brickman acknowledges that he received FINRA’s request and will not produce the information or documents requested. By refusing to produce the information or documents as requested pursuant to FINRA Rule 8210, Brickman violated FINRA Rules 8210 and 2010.

As a result, Respondent also consents to the imposition of the following sanctions:
• a bar from associating with any FINRA member in all capacities.
For a copy of the disciplinary action details, click here.

In addition, Michael Brickman has two other FINRA disclosures:
• July 2023—Voluntary Resignation from Pruco Securities LLC, “ The Company’s review concerns allegations that RR accepted personal checks made out to the RR from a client.”
• June 2023—“ Customer Alleges the rep misrepresented her profile in annuity applications, and improper recommendations resulting in surrender charges and penalties.” The Customer dispute is still pending.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.” This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client. There is also an exception if the client is a financial institution regularly engaged in the business of lending. The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.