• November 9, 2019
• Wedbush Securities

Michael Steven Sims a/k/k Michael Sims (CRD # 1034180) was a Financial Advisor at Wedbush Securities in Santa Rosa, CA.  Michael Steven Sims a/k/k Michael Sims has been in the securities industry since 1982 and previously worked at Citigroup and Lehman Brothers.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 13, 2019, a customer filed a complaint, alleging sales practice violations against Michael Steven Sims a/k/k Michael Sims, specifically alleging “Client represents excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision.”  The alleged damages are $250,000 and the matter remains pending.

Prior to the filing of this pending complaint, Michael Steven Sims a/k/k Michael Sims has been the subject of three additional customer complaints, alleging the following:

• January 2019—”On behalf of the Clients, attorney sent the firm a demand letter to resolve a potential Statement of Claim which would have alleged the following: Unsuitability, Breach of Fiduciary Duty of Loyalty, Negligence, Negligent Misrepresentation, Breach of Contract, Material Omissions and Misrepresentations in Connection with the Sale of Securities, Fraud and Deceit based on Concealment and Violations of Federal statutes, California laws and FINRA Rules and Regulations Regarding the Sale of Securities.” The matter was settled for $702,600.
• July 2018—”On July 13, 2018, during a conversation with the FA, Client stated she was unhappy with the losses in her account and she wanted to be made whole.” The matter was settled for $26,604.
• June 2008—”CLIENT ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS, EXCESSIVE COMMISSIONS AND EXCESSIVE TRADING DURING THE PERIOD MAY 2005 THROUGH MAY 2008.” The matter was settled for $10,000.

For a copy of Michael Steven Sims a/k/k Michael Sims’ CRD, click https://brokercheck.finra.org/individual/summary/1034180#disclosuresSection.

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.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.

Michael Steven Sims a/k/k Michael Sims (CRD # 1034180) was a Financial Advisor at Wedbush Securities in Santa Rosa, CA.  Michael Steven Sims a/k/k Michael Sims has been in the securities industry since 1982 and previously worked at Citigroup and Lehman Brothers.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 13, 2019, a customer filed a complaint, alleging sales practice violations against Michael Steven Sims a/k/k Michael Sims, specifically alleging “Client represents excessive trading, inappropriate investments, mismanagement of account, excessive commissions and lack of supervision.”  The alleged damages are $250,000 and the matter remains pending.

Prior to the filing of this pending complaint, Michael Steven Sims a/k/k Michael Sims has been the subject of three additional customer complaints, alleging the following:

• January 2019—”On behalf of the Clients, attorney sent the firm a demand letter to resolve a potential Statement of Claim which would have alleged the following: Unsuitability, Breach of Fiduciary Duty of Loyalty, Negligence, Negligent Misrepresentation, Breach of Contract, Material Omissions and Misrepresentations in Connection with the Sale of Securities, Fraud and Deceit based on Concealment and Violations of Federal statutes, California laws and FINRA Rules and Regulations Regarding the Sale of Securities.” The matter was settled for $702,600.
• July 2018—”On July 13, 2018, during a conversation with the FA, Client stated she was unhappy with the losses in her account and she wanted to be made whole.” The matter was settled for $26,604.
• June 2008—”CLIENT ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS, EXCESSIVE COMMISSIONS AND EXCESSIVE TRADING DURING THE PERIOD MAY 2005 THROUGH MAY 2008.” The matter was settled for $10,000.

For a copy of Michael Steven Sims a/k/k Michael Sims’ CRD, click https://brokercheck.finra.org/individual/summary/1034180#disclosuresSection.

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.

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.