Were you the victim of former PFS Investments Inc. broker Michael Archimede (CRD# 5701306) who is accused of mutual fund losses? He has been registered with PFS Investments Inc. in Waukesha, Wisconsin, from 2010 to 2023, when he was terminated regarding, “At the time the representative terminated for failing to renew his securities licenses, he was under internal review based on allegations that he borrowed money from a customer. This filing corrects the termination to show that he was permitted to resign during an internal review after he admitted to borrowing money from a customer.”
In January 2024, FINRA barred him after he consented to the sanction and to the entry of findings that he refused to provide information and documents and to appear for on-the-record testimony requested by FINRA. FINRA found that he borrowed customer funds in a potential investment in a crypto offering.
Michael Archimede Customer Complaints
He has been the subject of two customer complaints between 2023 and 2024, according to his CRD report:
June 2024. “Michael Archimede allegedly borrowed money from [redacted] on or around December 12, 2023.” The customer is seeking $173,000 in damages, and the case is currently pending.
November 2023. “Client alleged representative borrowed funds from her investment account which had not yet been repaid.” The customer sought $52,482.12 in damages, and the case was settled for $66,646.47. The complaint was regarding mutual funds.
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, PFS Investments Inc. may be liable for investment or other losses suffered by Michael Archimede’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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