Transamerica Financial Advisor, Michael Lyle, Has Four Customer Complaints
Michael Lyle is a Financial Advisor at Transamerica Financial Advisors, Inc. in Hollywood, FL. Michael Lyle has been in the securities industry since 1994 and previously worked at World Group Securities, WMA Securities and Intersecurities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Lyle is the subject of four customer complaints, alleging the following:
- January 2019 – “Claimant alleges that the product was misrepresented in that she was told she would receive returns of $7500 monthly and that the representative failed to inform her of the IRS penalties for early withdrawals.” The alleged damages are $100,000 and the matter is currently pending.
- June 2018 – “COMPLAINANT ALLEGED THAT PRODUCT PURCHASED WAS UNSUITABLE AND THAT REP. FAILED TO INFORM HER OF IRS PENALTY FOR EARLY WITHDRAWALS.” Alleged damages were $73,594.60.
- March 2009 – “CUSTOMER ALLEGES THAT HIS VARIABLE LIFE INSURANCE POLICY SHOULD HAVE BEEN WRITTEN FOR $200,000. HE IS REQUESTING THE RETURN OF PREMIUMS PAID.” Alleged damages were $5,000.
- September 2005 – “CLIENT ALLEGES THAT REPRESENTATIVE SAID THIS WAS AN INVESTMENT ACCOUNT.” Alleged damages were $6,000.
In addition, Michael Lyle discloses a 2007 $30,000 tax lien. For a copy of Michael Lyle’s CRD, click https://brokercheck.finra.org/individual/summary/2418644.
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.
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