Michael Coyne Involved in Equity-Linked Note Allegations
Michael Coyne (CRD# 4674176), a broker registered with First Trust Portfolios, is involved in numerous investor disputes stemming from equity-linked note investments. MDF Law is currently investigating the Phoenix, Arizona-based financial professional for conduct related to these notes. If you have concerns regarding your investments, contact us for a free consultation.
Details about Mr. Coyne’s alleged actions are available in this post. The information is sourced from his Financial Industry Regulatory Authority (FINRA) BrokerCheck record, accessed on September 9, 2024.
Pending Disputes Seek 7-Figure Damages
Mr. Coyne’s BrokerCheck record lists 13 investor disputes in which he is named as co-respondent. These disputes allege that he “worked closely” with another advisor in the creation of an equity-linked note sold to investors. The pending disputes seek more than $8 million in cumulative damages.
Firm Issues Statement Regarding Allegations
A “Broker Comment” included with each dispute’s disclosure defends Mr. Coyne against the allegations. It asserts that First Trust Portfolios “wholesales 3rd-party structured products” to other brokers and firms for customers to purchase, but does not market to or carry retail customer accounts. “This arbitration stems from complaints by an advisors customers,” it continues. “Neither First Trust not Mr. Coyne had any interaction with the claimants and did not recommend any investments to the claimants.”
First Trust Paid $8 Million to Settle SEC Charges
First Trust Portfolios has its own history of alleged misconduct, according to the firm’s BrokerCheck record. The most recent disclosure describes an August 2024 action against the firm by the Securities and Exchange Commission. The regulator alleged that the firm failed to comply with industry record-keeping rules by failing to oversee representatives’ communications with customers using non-approved personal devices. As an August report by Reuters explains, First Trust was one of several broker-dealer firms that paid millions to settle charges of record-keeping failures. For its part, the firm paid a civil penalty totaling $8 million.
FINRA: Michael Coyne Based in Phoenix, Arizona
Michael Coyne began his career as a broker when he joined Morgan Stanley in 2009. He later left the firm to join Goldman Sachs, where he remained until he joined First Trust in 2015. With 14 years of experience as a broker under his belt, he has completed four industry exams, including the Series 66 and the Series 31 exams.
Equity-Linked Note Complaints? Call MDF Law for Free
Investors who suffered losses on unsuitable equity-linked note products may have recovery options. The broker fraud attorneys at MDF Law offer decades of experience navigating the intricacies of FINRA arbitration cases, securing tens of millions of dollars in recoveries. We take cases on a contingency basis and offer consultations across the US. To chat over your options, call 800-767-8040 to speak with our team today.