According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Michael Babyak Jr. II was accused of participating in private securities transactions involving four LPL customers without providing LPL notice of his activities. In 2012, Babyak had the four customers invest a total of $4,250,000 in to a limited liability company that he set up and controlled. He then caused the company to loan the $4.25 million to a third party for the benefit of his customers. This is against securities rules and regulations. For this, he was barred from the industry.
According to his online FINRA BrokerCheck report, Michael Babyak was registered with LPL Financial in Mine Hill, New Jersey from January 1994 until December 2015 and Leigh Baldwin & Co. in Mine Hill from December 2015 until September 2016. He has two customer disputes against him and has been permanently barred from the industry. Please call our Chicago-based securities law firm today to find out how you can bring legal action against Michael Babyak in the FINRA arbitration forum on a contingency fee basis to recover your losses. The call to us is free with no obligation.