Michael Archimede Barred after Customer Loan
Michael Archimede (CRD# 5701306), formerly a broker registered with PFS Investments, refused to cooperate with an investigation into whether he borrowed customer funds, according to a disciplinary action. MDF Law is currently investigating the former Waukesha, Wisconsin-based financial advisor for allegations of similar conduct. If you have concerns about your accounts, please reach out for a free consultation.
To learn more about the allegations against Mr. Archimede, continue reading this post. The information below is based on a February 7, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) resource.
FINRA: Archimede Refused to Cooperate with Investigation
On January 22, 2024, FINRA published a disciplinary action involving Mr. Archimede. According to a Letter of Acceptance, Waiver, and Consent (# 2023080714501), he refused to comply with FINRA’s request for information and documents and to appear for on-the-record testimony. FINRA made these requests as part of an investigation into a disclosure by his former member firm. As the AWC Letter describes, the disclosure stated that the firm permitted his resignation after he “admitted to borrowing money from a customer.”
Mr. Archimede did not admit or deny FINRA’s findings. He did, however, consent to their entry, as well as a permanent bar from acting as a broker. His bar began on January 22, 2024, and will last indefinitely.
Michael Archimede Resigned from PFS over Customer Loan
On December 31, 2024, PFS Investments filed a disclosure concerning Mr. Archimede’s resignation from the firm. As it reflects, he resigned with the firm’s permission while it was internally reviewing “allegations that he borrowed money from a customer.” It adds that he admitted these allegations prior to his resignation.
Pending Dispute Also Concerns Loan
On November 9, 2023, an investor filed a dispute involving Mr. Archimede. Specifically, the claim alleges that he borrowed money from her, which he has yet to repay. The dispute, which remains pending, seeks $52,482.12 in damages.
FINRA: Archimede Last Based in Waukesha, Wisconsin
Michael Archimede launched his career as a broker in 2010. That was the year he registered with PFS Investments’ branch office in Waukesha, Wisconsin, where he remained until his resignation last year. Boasting 14 years of experience as a broker, he has completed five industry exams, including the Series 6 and the Series 24. He is currently barred from registering with any FINRA member firm in all capacities.
MDF Law Defends Investor Rights
Have you lost money on investments recommended by Michael Archimede? MDF Law may be able to help you secure a recovery. Our attorneys have proven experience recovering millions in investment losses. We offer free consultations nationwide: call 800-767-8040 to discuss your circumstances today.