(FINRA Case #2015047602801)
Michael Nicholas Guilfoyle (CRD #5119593, Old Bridge Township, New Jersey) – An AWC (Accept, Waiver & Consent) was issued in which Guilfoyle was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for 10 months.
Without admitting or denying the findings, Guilfoyle consented to the sanctions and to the entry of findings that he engaged in unsuitable excessive trading in the accounts of two customers, one of whom was a retired senior citizen.
The findings stated that Guilfoyle exercised control over these accounts because the customers had limited investment experience and both of them relied on him to direct investment decisions in their accounts.
Guilfoyle’s active trading in the accounts generated sales charges at the expense of his customers, and generated steady income for himself in the form of commissions or markups or markdowns. As a result, the elderly customer suffered losses of $27,821.22 while Guilfoyle generated sales charges of $35,685, and the second customer suffered losses of $28,047.83 while Guilfoyle generated sales charges of $26,150.
The suspension is in effect from December 18, 2017, through October 17, 2018.
Guilfoyle was previously employed by Four Point Capital Partners LLC (CRD# 43149) from 09/2016 to 03/2017 (6 months) and IFS Securities (CRD# 40375) from 05/2016 to 09/2016 (4 months). Guilfoyle has been employed by thirteen different firms since 2006 of which 3 have been expelled by FINRA.
If you are an investor that lost money Michael Nicholas Guilfoyle or any broker you should consider all legal options. If you wish to discuss your particular situation and the potential for the recovery of your investment losses, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a FREE EVALUATION of your potential case.