Darrell Wayne Mikulencak Audit (2023) – A Scam or Legit Broker?

Darrell Wayne Mikulencak  – 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 Darrell Wayne Mikulencak.

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 Darrell Wayne Mikulencak. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Darrell Mikulencak

Darrell Wayne Mikulencak is an Investment Adviser. Darrell Wayne Mikulencak’s Central Registration Depository (CRD) number is 2661351 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2661351.

Click here to download a Detailed Audit Report for Darrell Wayne Mikulencak.

Darrell Wayne Mikulencak 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 Darrell Wayne Mikulencak’s regulatory actions, arbitrations, and complaints.

DISCLOSURE 1 – 

  • Event Date: 9/15/2014
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA: 2013037950901
  • DocketNumberAAO: 2013037950901
  • Initiated By: FINRA
  • Allegations: MIKULENCAK WAS NAMED A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT HE FORGED THE SIGNATURE OF AN INDIVIDUAL, A BANK EMPLOYEE AND A NOTARY PUBLIC, ON VARIOUS DOCUMENTS ASSOCIATED WITH BROKER-DEALER ACCOUNTS, TO ASSIST TWO BROKERAGE CUSTOMERS IN RE-REGISTERING STOCK CERTIFICATES FOLLOWING THE DEATHS OF THE CERTIFICATES’ PREVIOUS OWNERS. THE COMPLAINT ALLEGES THAT MIKULENCAK ALSO PLACED THE INDIVIDUAL’S NOTARY SEAL ONTO THESE DOCUMENTS. AT NO TIME DID MIKULENCAK OBTAIN PERMISSION OR HAVE THE AUTHORITY EITHER TO SIGN THE INDIVIDUAL’S NAME OR TO USE THE INDIVIDUAL’S NOTARY SEAL IN CONNECTION WITH THE ABOVE DOCUMENTS OR FOR ANY OTHER PURPOSE. THE COMPLAINT ALSO ALLEGES THAT MIKULENCAK FAILED TO APPEAR FOR ON-THE-RECORD (OTR) INTERVIEWS AS REQUESTED BY FINRA.
  • Resolution: Decision
  • Sanction Details :: Sanctions: Bar (Permanent)
  • Sanction Details :: Registration Capacities Affected: All Capacities
  • Start Date: 4/6/2015
  • Regulator Statement: DEFAULT DECISION RENDERED MARCH 6, 2015. THE SANCTION WAS BASED ON FINDINGS THAT MIKULENCAK FORGED THE SIGNATURE OF A NOTARY PUBLIC AND MADE UNAUTHORIZED USE OF THE NOTARY PUBLIC’S SEAL. THE FINDINGS STATED THAT MIKULENCAK FAILED TO APPEAR AND TESTIFY FOR ON-THE-RECORD TESTIMONY REQUESTED BY FINRA DURING THE COURSE OF ITS INVESTIGATION. THE DECISION BECAME FINAL APRIL 6, 2015.

See also  Leeann M. Sandberg Audit (2023) – A Scam or Legit Broker?


DISCLOSURE 2 – 

  • Event Date: 12/19/2013
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA: 2011026089701
  • DocketNumberAAO: 2011026089701
  • Initiated By: FINRA
  • Allegations: MIKURLENCAK FAILED TO PAY FINES AND/OR COSTS OF $1,070.43 IN FINRA CASE #2011026089701.
  • Resolution: LETTER
  • Sanction Details :: Sanctions: Revocation
  • Regulator Statement: PURSUANT TO RULE 8320, MIKURLENCAK’S REGISTRATION IS REVOKED AS OF CLOSE OF BUSINESS FOR FAILURE TO PAY FINES AND/OR COSTS.

DISCLOSURE 3 – 

  • Event Date: 8/9/2013
  • Disclosure Type: Employment Separation After Allegations
  • Disclosure Resolution:
  • Disclosure Detail :: Firm Name: FIRST BROKERAGE AMERICA LLC
  • Termination Type: Discharged
  • Allegations: MIKULENCAK ADMITTED TO FORGING A NOTARY STAMP AND SIGNATURE ON CLIENT DOCUMENTS DATED 7/26/2013.

DISCLOSURE 4 – 

  • Event Date: 3/11/2013
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA: 2011026089701
  • DocketNumberAAO: 2011026089701
  • Initiated By: FINRA
  • Allegations: FINRA RULE 2010, NASD RULES 2110, 3110: MIKULENCAK SUBMITTED FALSIFIED DOCUMENTS TO HIS MEMBER FIRM. MIKULENCAK’S FIRM TERMINATED HIM AFTER LEARNING THAT HE HAD BEEN RECEIVING A CUSTOMER’S ACCOUNT-RELATED MAILINGS AT HIS OFFICE, WHICH WAS CONTRARY TO THE FIRM’S INTERNAL PROCEDURES. AFTER THE FIRM TERMINATED MIKULENCAK, IT DISCOVERED THAT HE HAD ARRANGED FOR FOUR OTHER CUSTOMERS TO USE HIS BRANCH OFFICE’S ADDRESS IN CHICAGO AS THEIR LEGAL ADDRESS FOR PURPOSES OF THEIR ACCOUNTS WITH THE FIRM. THUS, ALTHOUGH ALL FOUR CUSTOMERS HAD MOVED OUT OF STATE, THEIR ACCOUNTS WITH THE FIRM CONTINUED TO SHOW A LEGAL ADDRESS IN ILLINOIS. USING THE BRANCH OFFICE’S LEGAL ADDRESS DID NOT INTERFERE WITH THE CUSTOMERS’ RECEIPT OF ACCOUNT-RELATED MAILINGS. THE LEGAL ADDRESS DOES, HOWEVER, DETERMINE WHAT STATES’ LICENSURE REQUIREMENTS APPLY TO THE REGISTERED REPRESENTATIVE WHO SERVICES THE ACCOUNT. MIKULENCAK DID NOT HAVE STATE SECURITIES LICENSES IN ANY OF THE STATES TO WHICH THE FOUR CUSTOMERS RELOCATED. IN ORDER TO REMAIN THE BROKER OF RECORD FOR THE FOUR CUSTOMERS’ ACCOUNTS, MIKULENCAK SUBMITTED ACCOUNT DOCUMENTATION TO HIS FIRM THAT FALSELY SHOWED HIS BRANCH OFFICE ADDRESS AS EACH CUSTOMER’S LEGAL ADDRESS. MIKULENCAK SUBSEQUENTLY CONTINUED TO SERVICE THE FOUR ACCOUNTS, DESPITE NOT HAVING THE REQUISITE STATE-LEVEL SECURITIES LICENSES. MIKULENCAK CONTINUED TO SERVICE AT LEAST ONE OF THE FOUR ACCOUNTS UNTIL HIS TERMINATION FROM THE FIRM.
  • Resolution: Acceptance, Waiver & Consent(AWC)
  • Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
  • Sanction Details :: Amount: $5,000.00 Sanctions: Suspension
  • Sanction Details :: Registration Capacities Affected: ANY CAPACITY
  • Duration: 10 BUSINESS DAYS
  • Start Date: 4/1/2013
  • End Date: 4/12/2013
  • Regulator Statement: WITHOUT ADMITTING OR DENYING THE FINDINGS, MIKULENCAK CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE HE IS FINED $5,000 AND SUSPENDED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 10 BUSINESS DAYS. THE SUSPENSION IS IN EFFECT FROM APRIL 1, 2013, THROUGH APRIL 12, 2013.
  • Broker Comment: WITHOUT ADMITTING OR DENYING THE FINDINGS, MIKULENCAK CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS; THEREFORE HE IS FINED $5,000 AND SUSPENDED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY FOR 10 BUSINESS DAYS. THE SUSPENSION IS IN EFFECT FROM APRIL 1, 2013, THROUGH APRIL 12, 2013.

See also  James Allen Bergstrom Audit (2023) – A Scam or Legit Broker?


DISCLOSURE 5 – 

  • Event Date: 12/22/2010
  • Disclosure Type: Employment Separation After Allegations
  • Disclosure Resolution:
  • Disclosure Detail :: Firm Name: CHASE INVESTMENT SERVICES CORP
  • Termination Type: Discharged
  • Allegations: REGISTERED REP WAS TERMINATED FOR DIRECTING CUSTOMERS MAIL TO BE SENT TO HIS ATTENTION AT THE BRANCH AND WAS THE REP OF RECORD ON CLIENTS ACCOUNTWHO RESIDED IN THE STATES WHERE HE DID NOT HOLD APPROPRIATE REGISTRATION.

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.

See also  Roger Andrew Heubach Audit (2023) – A Scam or Legit Broker?

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.

  • FIRST BROKERAGE AMERICA, L.L.C. (CRD#: 43431) :: 12/6/2012 – 8/12/2013 :: WASHINGTON, MO
  • CHASE INVESTMENT SERVICES CORP. (CRD#: 25574) :: 7/6/2005 – 1/18/2011 :: CHICAGO, IL
  • BANC ONE SECURITIES CORPORATION (CRD#: 16999) :: 4/6/2004 – 7/6/2005 :: CHICAGO, IL
  • ABN AMRO FINANCIAL SERVICES, INC. (CRD#: 20373) :: 11/20/2002 – 12/9/2003 :: CHICAGO, IL
  • FIDELITY BROKERAGE SERVICES LLC (CRD#: 7784) :: 9/27/1995 – 8/14/2002 :: SMITHFIELD, RI

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.

Darrell Wayne Mikulencak

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Darrell Wayne Mikulencak, 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.

See also  Steven Charles Hall Audit (2023) – A Scam or Legit Broker?

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.

Darrell Wayne Mikulencak

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.

See also  Eugene Harold Wray Audit (2023) – A Scam or Legit Broker?

Report Darrell Mikulencak

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Darrell Wayne Mikulencak – 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 (2661351) for the broker – Darrell Wayne Mikulencak
  • 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/darrell-wayne-mikulencak/.

 

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