Michael Klein
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About Michael Klein
Michael Klein, a financial advisor with a career spanning several decades, has been associated with various firms and has encountered regulatory actions during his tenure. According to the Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Klein has been registered with multiple firms, including LPL Financial LLC and NewEdge Advisors LLC. His career reflects a diverse experience in the financial industry, but it is also marked by certain regulatory disclosures that are pertinent to his professional history.
One notable regulatory action occurred on November 22, 1993, when the Idaho Department of Finance initiated proceedings against Klein. The allegations stated that Klein, while serving as a salesperson for Guardian Investor Services Corp., conducted a financial seminar in Boise, Idaho, without the necessary state registration. This action led to a monetary fine of $1,000.00, a mandated supervised review of the firm’s compliance manual, and a requirement for Klein to retake the Series 63 exam within six months. Klein acknowledged the oversight, expressing surprise and regret over the failure to complete his registration, and clarified that he had not accepted any work without proper registration, emphasizing his unawareness that the educational seminar required prior approval.
Beyond this incident, Klein’s professional record includes other disclosures that investors may find relevant. These disclosures encompass customer disputes, regulatory actions, and certain financial matters. While such disclosures are not uncommon in the financial industry, they are essential considerations for clients assessing the trustworthiness and reliability of a financial advisor. Prospective clients are encouraged to review these disclosures in detail, available through FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure (IAPD) databases, to make informed decisions regarding their financial engagements.
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Red Flags & Disclosures on Michael Klein
On November 22, 1993, the Idaho Department of Finance issued a regulatory action against Michael Klein, a salesperson for Guardian Investor Services Corp. The primary allegation was that Klein conducted a financial seminar in Boise, Idaho, before obtaining the necessary registration required by the state. As a result, the department ruled the matter as a final regulatory violation, leading to specific sanctions.
To resolve the issue, Klein was required to pay a monetary fine of $1,000. Additionally, he had to undergo a supervised review of Guardian Investor Services Corp.’s compliance manual to ensure adherence to regulatory procedures. Furthermore, the decision mandated that he retake the Series 63 examination within six months from the date of the order signing to demonstrate his compliance with industry standards.
Klein provided a broker comment addressing the incident, explaining that in February 1993, he had asked his general agent’s staff to process his registration in multiple states, including Idaho. However, the registration was not completed as anticipated. Klein expressed surprise and regret over this oversight and acknowledged that he should have followed up personally to ensure proper registration. He further clarified that he did not accept any work and would not have done so unless he had become a Registered Investment Advisor (RIA). Lastly, he mentioned that he was unaware that his educational seminar required prior approval.
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