Did you lose money investing in stocks due to recommendations by former Lifemark Securities Corp. broker Archibald McMichael III (CRD# 2997111)? He has been registered with Avantax Investment Services, Inc. in Wayne, Pennsylvania, since 2023. Previously, he was registered with Lifemark Securities Corp. in Wayne, Pennsylvania, from 2012 to 2023. Prior to then, he was registered with LPL Financial LLC in Wayne, Pennsylvania, from 2006 to 2022, when he was terminated regarding, “violation of the firm’s document signature policy.
Archibald McMichael III Customer Complaints
He has been the subject of two customer complaints between 2019 and 2023, one of which was withdrawn, according to his CRD report:
June 2023. “The rep is the subject of, but not a party to, the arbitration. Allegations pertain to an investment in an alternative product, intended to be a small component of a larger diversified portfolio. Unfortunately, the company that issued the investment has since filed Chapter 11 bankruptcy. As a result, the client is alleging insufficient due diligence, violation of Pennsylvania Unfair Trade Practices and Consumer Protection Law, breach of contract, common law fraud, breach of fiduciary duty, and negligence.” The customer is seeking $105,000 in damages, and the case is currently pending. The complaint took place while he was registered with Lifemark Securities Corp., and it was regarding common and preferred stock losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Lifemark Securities Corp. may be liable for investment or other losses suffered by Archibald McMichael III’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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