Craig Hayward Miller – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Craig Hayward Miller.
The stock market is a device for transferring money from the impatient to the patient… Warren Buffet
BrokerComplaints.com is currently investigating allegations related to Craig Hayward Miller. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Craig Miller
Craig Hayward Miller is an Investment Adviser. Craig Hayward Miller’s Central Registration Depository (CRD) number is 2232520 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2232520.
Click here to download a Detailed Audit Report for Craig Hayward Miller.
Craig Hayward Miller has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Craig Hayward Miller’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 3/2/2012
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: STATE OF NORTH DAKOTA SECURITIES DEPARTMENT
- Allegations: REGISTERED REPRESENTATIVE ASSISTED A THIRD PARTY SELLING AGENT WITH AN OFFER AND SALE OF A VARIABLE LIFE INSURANCE POLICY TO TWO NORTH DAKOTA RESIDENTS WHICH TOOK PLACE WHILE REGISTERED REPRESENTATIVE WAS NOT REGISTERED AS AN AGENT WITH THE NORTH DAKOTA SECURITIES DEPARTMENT DUE TO AN ADMINSTRATIVE PROCESSING DELAY WITH HIS NORTH DAKOTA SECURITIES REGISTRATION.
- Resolution: Order
- Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Sanction Details :: Amount: $1,000.00
DISCLOSURE 2 –
- Event Date: 1/3/2011
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: ON JANUARY 3RD, 2011 THE HARTFORD RECEIVED A COMPLAINT FROM THE NORTH DAKOTA INSURANCE DEPARTMENT ON BEHALF OF [CUSTOMERS. THE CLIENTS ALLEGE THAT THEY WERE FALSELY INDUCED INTO PURCHASING A HARTFORD VARIABLE LIFE INSURANCE POLICY AND SETTING UP AND PAYING FOR A NEW TRUST THAT THEY DID NOT NEED.
- Settlement Amount: $104,000.00
- Arbitration Docket Number:
- Broker Comment: CLIENTS INITIATED A COMPLAINT QUESTIONNAIRE WITH THE NORTH DAKOTA STATE INSURANCE DEPARTMENT (DOI) AGAINST THE SAID REGISTERED REPRESENTATIVE AND THE THIRD PARTY AGENT. CLIENTS ALLEGED THAT THEY WERE FALSELY INDUCED INTO PURCHASING THE HARTFORD UNIVERSAL LIFE INSURANCE POLICY (POLICY) AND INTO SETTING UP AND PAYING FOR A NEW TRUST THAT THEY ALLEGEDLY DIDN’T NEED. THE FIRM RECEIVED NOTIFICATION OF THE CLIENTS’ ALLEGATIONS FROM THE ND DOI ON JANUARY 3, 2011. AFTER ITS REVIEW AND THE THIRD PARTY FIRM’S INVESTIGATION, THE FIRM DETERMINED THAT THE PURCHASE OF THE POLICY WAS CONSISTENT WITH THE ESTATE PLANNING GOALS EXPRESSED BY THE CLIENTS. HOWEVER, DURING THE COURSE OF ITS REVIEW, IT WAS DISCOVERED THAT THE REGISTERED REPRESENTATIVE’S NORTH DAKOTA NON-RESIDENT STATE LICENSE EXPIRED PRIOR TO THE SALE OF THE POLICY. THIS WAS BROUGHT TO THE REGISTERED REPRESENTATIVE’S ATTENTION AND HE HAS SINCE TAKEN STEPS TO OBTAIN AN ACTIVE LICENSE. DUE TO THIS OVERSIGHT, THE FIRM AGREED TO RESCIND THE POLICY AND TO ISSUE A REFUND FOR THE PREMIUM PAID OF $104,000.00. THE REGISTERED REPRESENTATIVE HAS NOT BEEN ASKED TO CONTRIBUTE FINANCIALLY TO THE RETURN OF PREMIUM BUT WILL BE CHARGED BACK FOR THE COMPENSATION OF $16,887 THAT HE RECEIVED ON THE SALE OF THE POLICY. THIS MATTER IS CONSIDERED AS RESOLVED AS OF MARCH 3, 2011 WHEN THE AGREEMENT AND RELEASE WAS SIGNED BY TRUSTEE.
DISCLOSURE 3 –
- Event Date: 3/4/2003
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: MISREPRESENTATION
- Damage Amount Requested: $5,928.00
- Arbitration Docket Number:
DISCLOSURE 4 –
- Event Date: 1/24/1988
- Disclosure Type: Criminal
- Disclosure Resolution: Final Disposition
- Disclosure Detail :: Criminal Charges :: Charges: CHARGED WITH 1 COUNT OF FELONY INFLICTION OF CORPORAL INJURY ON SPOUSE OR COHABITANT; PLEA: NOT GUILTY; NOT INVESTMENT-RELATED
- Charge Type: FELONY
- Disposition: A. CHARGE WAS DISMISSED; B. 1/28/1988; C. N/A; D. N/A, E. N/A; F. N/A AND G. N/A
- Broker Comment: SITUATION WAS MISINTERPRETED BY ARRESTING OFFICERS WHO SUBSEQUENTLY FILED FALSE CHARGES AGAINST ME. MY SPOUSE NEVER FILED ANY CHARGES AND TESTIFIED THAT SAID CHARGES NEVER HAPPENED. I WAS TOLD BY ORANGE COUNTY OFFICIALS THAT THIS WOULD NEVER SHOW UP ON MY RECORD, SO THIS IS WHY I NEVER DISCLOSED THIS INCIDENT, AND IT NEVER HAS SHOWN UP UNTIL NOW,FIFTEEN YEARS LATER.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Previous Associations
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- THRIVENT INVESTMENT MANAGEMENT INC. (CRD#: 18387) :: 3/13/2015 – 1/17/2018 :: GILLETTE, WY
- PROEQUITIES, INC. (CRD#: 15708) :: 4/30/2012 – 3/6/2015 :: BIRMINGHAM, AL
- HARTFORD EQUITY SALES COMPANY INC. (CRD#: 6604) :: 1/27/2010 – 3/27/2012 :: OVERLAND PARK, KS
- METLIFE INVESTORS DISTRIBUTION COMPANY (CRD#: 107622) :: 12/11/2004 – 10/29/2009 :: NEW YORK CITY, NY
- NEW ENGLAND SECURITIES (CRD#: 615) :: 7/20/2001 – 12/17/2004 :: NEW YORK, NY
- METLIFE INVESTORS DISTRIBUTION COMPANY (CRD#: 6695) :: 6/30/2003 – 12/11/2004 :: NEWPORT BEACH, CA
- FRANKLIN FINANCIAL SERVICES CORPORATION (CRD#: 5435) :: 5/9/2000 – 8/6/2001 :: HOUSTON, TX
- THE O.N. EQUITY SALES COMPANY (CRD#: 2936) :: 12/3/1998 – 5/8/2000 :: CINCINNATI, OH
- AMERICAN UNITED LIFE INSURANCE COMPANY (CRD#: 1075) :: 8/10/1998 – 12/4/1998 :: INDIANAPOLIS, IN
- AUL EQUITY SALES CORP. (CRD#: 4173) :: 8/10/1998 – 12/4/1998 :: INDIANAPOLIS, IN
- AAL CAPITAL MANAGEMENT CORPORATION (CRD#: 18387) :: 6/10/1992 – 7/17/1998 :: MINNEAPOLIS, MN
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Craig Hayward Miller, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Craig Miller
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Craig Hayward Miller – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (2232520) for the broker – Craig Hayward Miller
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
The views and opinions expressed in these articles are those of the source BrokerComplaints.com and do not necessarily reflect the official position of ‘The Skeptic Files,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from BrokerComplaints.com.
To view the original article at BrokerComplaints.com, you can visit https://brokercomplaints.com/report/craig-hayward-miller/.
