Michael Siek Allegedly Sold Unsuitable Stocks

Michael Siek (CRD# 2072767[1]), a broker registered with Dominari Securities, recommended unsuitable investments, according to several investor disputes. MDF Law is investigating the New York City-based financial professional for similar conduct. If you have concerns about investments in your accounts, call us for a free consultation. 

Pending Dispute Stems from Stock Products

On September 16, 2024, an investor lodged a dispute alleging that Mr. Siek recommended unsuitable investments in stock products. The dispute, which is still pending, seeks unspecified damages estimated to be greater than $5,000.

Firm Settled Past Disputes

The above-described pending dispute is not the only one in Mr. Siek’s history. Between 1998 and 2008, three other parties of investors filed claims that his member firms settled. In all three cases, the claimants alleged that he made unsuitable investment recommendations. One alleged further that he breached his fiduciary duty, misrepresented material information, committed fraud, and breached contract. His former member disputes settled the allegations for a total of $269,000.

1995 Dispute Alleged Churning, Unsuitable Investment

In 1995, a fifth investor or party of investors filed a dispute involving Mr. Siek. In this instance, the claimant alleged that he churned investments, misrepresented material information, and made an unsuitable investment recommendation. This complaint evolved into a FINRA arbitration proceeding, concluding with a FINRA panel issuing an award to the claimant in the amount of $15,476.

Understanding Common Forms of Broker Fraud

The disputes involving Mr. Siek allege several common forms of broker misconduct. An unsuitable investment, for instance, is one that isn’t tailored to a customer’s background and goals, among other factors. Misrepresentation, meanwhile, occurs when a broker fails to fully and accurately disclose significant information about an investment they recommend. An adviser’s fiduciary duty, finally, describes their obligation (among others) to place the investor’s interests above their own.

Broker Joined Dominari Securities in 2024

In March 2024, Dominari Securities issued a press release[2] announcing Mr. Siek’s hiring as a Managing Director at the firm. “He has more than 30 years of experience providing specialty financing and human capital advice regarding emerging private and public companies,” reads a section about his background. “During his tenure with Spencer Trask, he raised more than a quarter billion dollars for over 75 of the firm’s portfolio companies ranging in industries from medical and biotechnologies to SaaS and IT services.”

FINRA: Michael Siek Based in New York City

Michael Siek launched his career as a broker in 1990. That year, he registered with Lehman Brothers in New York City. Over the following decades, he went on to work with firms like T.R. Winston & Company, Laidlaw Equities, and Aegis Capital. He joined his current member firm, Dominari Securities, in March 2024. Still registered with the firm today, he works at its office in New York City. With 34 years of experience as a broker, he has completed four industry exams, including the Series 63 and the Series 24. 

Contact us for a Free Consultation

Did you suffer losses on investments recommended by Michael Siek? MDF Law may be able to help you secure a recovery. Call our seasoned investment fraud attorneys[3] at 800-767-8040 for a consultation about your circumstances. Our firm’s clients only pay a fee if they win their case, and we currently provide free consultations nationwide. You may have a limited window to file a FINRA arbitration claim, so don’t delay: call MDF Law today.