Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Michael “Mike” Joseph Lancaster (CRD # 1353552) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation of unsuitable recommendations.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Lancaster.
Registration Background for Mike Lancaster
Mr. Lancaster first became registered in the securities industry in 1987. FINRA BrokerCheck shows that he was most recently registered with Tampa, FL based IFP Securities, LLC (CRD # 297287) from April 2021 to July 2021. His prior registrations include LPL Financial LLC (CRD # 6413) from May 2011 to February 2021, and NFP Securities, Inc. (CRD # 42046) from August 2001 to May 2011.
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 11, 2022 (No. 2021070463601), Mr. Lancaster consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In February 2011, Lancaster made an unsuitable recommendation of an investment to a customer, whose investment profile and risk tolerance were not consistent with the investment”;
- “In addition, from July 2012 to September 2020, Lancaster made an unsuitable recommendation relating to the customer’s continued holding of the investment”;
- “After the customer complained to Lancaster about the performance of the investment during 2016, Lancaster made payments to the customer totaling more than $14,000 from May 2016 to May 2020 to attempt to settle the complaint without the knowledge or approval of his firm”; and
- By virtue of his actions, Mr. Lancaster violated NASD Rule 2310 and FINRA Rule 2111 regarding suitability and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Mike Lancaster from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s November 11, 2022, AWC also indicates that Mr. Lancaster consented to the following sanction(s):
- A four-month suspension from association with any FINRA member in all capacities;
- A $10,000.00 fine; and
- Disgorgement of profits in the amount of $4,410.00 plus interest.
Mike Lancaster Has A Prior History of Securities Industry Customer Complaints
In addition to Mike Lancaster being suspended by FINRA from the securities industry after an investigation into unsuitable recommendations, FINRA BrokerCheck for Mr. Lancaster reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On March 1, 2005, a customer-initiated arbitration was filed naming Mr. Lancaster as a respondent for alleged actions that occurred while he was registered with Capital Analysts, Incorporated. The customer alleged unsuitability. The customer further alleged damages of $219,825.00. On April 19, 2006, the matter was settled in the amount of $15,000.00.
If you or someone you know has or had a brokerage account with Michael “Mike” Joseph Lancaster and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.