Securities Fraud Lawyer Blog
FINRA suspends Waco Texas broker Michael Kamperman for 20 months
Michael Kamperman, a registered representative from Waco, Texas, formerly with H.D. Vest Investment Services and Prospera Financial Services, was suspended from FINRA membership as a result of an investigation into securities related activity conducted by regulator FINRA. Findings made in FINRA’s “Acceptance, Waiver and Consent” order included details of Kamperman making unsuitable investments, and over concentrating customer accounts in speculative, high risk oil and gas investments, as well as his recommendation of an inappropriate long term investment strategy involving an inverse, exchange traded note that was intended only for a short a term investment. Kamperman entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but agreed to a suspension of 20 months and a fine of $20,000.
In June 2019, Michael Kamperman agreed to the suspension and FINRA published its findings that he made unsuitable investments in the retirement accounts of eight customers. These unsuitable investments took the form of overconcentration in risky oil and gas industry investments, as well as the improper use of an exchange traded note that is designed for short term trading. Instead, the findings state that Kamperman recommended the note for a long term hold, thereby causing the client losses.