Michael Kamperman, Formerly of HD Vest Investment Services, Named in Multiple Customer Disputes Seeking $600K in Damages

Kamperman is accused of making unsuitable and excessive trades in a customer’s account.

The Sonn Law Group is investigating allegations that Michael Kamperman made unsuitable and excessive trades. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Michael Kamperman (CRD#: 2002603) was previously registered as a broker with HD Vest Investment Services from 2014 until 2017. Previously, he was registered as a broker with Prospera Financial Servies from 2005 until 2015.

Kamperman has seven disclosures on his BrokerCheck report, one of which was denied.

August 2020 Customer Dispute

• Status: Pending
• Allegations: Client alleged the trades placed in her account were unsuitable and excessive. Time frame of the alleged activity was 2015 through June 2017.
• Damage Amount Requested: $300,000.00

August 2020 Customer Dispute

• Status: Pending
• Allegations: Client alleged the trades placed in her account were unsuitable and excessive. Time frame of the alleged activity was 01/2005 to 12/2014.
• Damage Amount Requested: $300,000.00

June 2019 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Kamperman consented to the sanctions and to the entry of findings that he made unsuitable investment recommendations in the 401(k) and IRA retirement accounts of customers. The findings stated that Kamperman over concentrated the customers’ accounts in high risk, speculative oil and gas – energy sector securities -, and also recommended that one customer purchase and hold a leveraged inverse exchange-traded note, which was only meant to be held for one trading day, in his 401(k) retirement account for nearly 16 months. Kamperman’s investment recommendations were unsuitable for each customer based on the customer’s financial situation and needs, risk tolerance, investment experience, and investment objectives. Additionally, Kamperman had no reasonable basis to believe that his recommendation that one of these customers purchase and hold a short-term leveraged inverse exchange-traded note in his retirement account for an extended time was suitable for any customer. The customers suffered over $407,000 in trading losses as a result of implementing Kamperman’s investment recommendations. The customers filed an arbitration regarding their trading losses. The matter has been resolved through settlement with Kamperman’s member firms.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount:  $20,000.00
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: 18 months
• Start Date: 7/1/2019
• End Date: 12/31/2020

June 2016 Customer Dispute

• Status: Settled
• Allegations: Claimants alleged that their accounts decreased in value, their investments were not suitable and over-concentrated and that they were not informed of the risk associated with their investments. The claimants also alleged a breach of fiduciary duties and contract.
• Damage Amount Requested: $407,619.00
• Settlement Amount: $320,000.00
• Broker Comment: Questions 7 and 8 were answered incorrectly. Representative is named a party in FINRA Arbitration; therefore, questions 12 and 13 were answered.

February 2016 Judgment / Lien

• Judgment / Lien Amount: $81,000.00
• Judgment / Lien Type: Tax

October 1998 Customer Dispute

• Status: Settled
• Allegations: The client alleges that the Painewebber IE engaged in unauthorized and excessive trading, made unsuitable investments, made misrepresentations and lacked due diligence, damages alleged are $85,110.42 during the time period of 10/10/97-6/98. Products are not specified.
• Damage Amount Requested: $85,110.42
• Settlement Amount: $65,000.00
• Broker Comment: Painewebber settled this matter for $65,000 the client approved the trading strategy, the strategy was not excessively traded or misrepresented and did not lack due diligence.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Michael Kamperman made unsuitable and excessive trades. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.