Sanctions Against Broker Michael Gates

Michael Gates was recently sanctioned by the Financial Industry Regulatory Authority (FINRA). According to his BrokerCheck report online, from January 2011 until October 2011, he allegedly effected 22 transactions for two firm customers without written authorization from the customers or approval from the firm. This is against FINRA rules because Gates was not approved by his firm to exercise discretion in customer accounts. Michael Gates was registered with Sentra Securities Corporation, WM Financial Services, Cal Fed Investments, and Wells Fargo Advisors in Huntington Beach, California. He is currently registered with Morgan Stanley in Newport Beach, California, and has been since March 2012. He has two customer disputes against him. Wells Fargo, Gates’ former firm, can be sued to recover financial losses if you invested with them or Michael Gates. They had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 to speak to an attorney. We sue firms such as Wells Fargo in the FINRA arbitration forum.

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