Broker Investigation: Daniel Hartley

Daniel Ray Hartley (CRD#: 1141270) is a registered securities broker who is licensed to operate in four U.S. states: Michigan, Illinois, Arizona, and California. Mr. Hartley is currently listed as being employed by PFS Investments, Inc (CRD#: 10111), working out of an office in Portage, Michigan.

As of March 1st, 2018, there are eight disclosures listed on the official FINRA BrokerCheck report for Daniel Ray Hartley. In this article, the experienced investment fraud attorneys at the Sonn Law Group highlight the most notable of these disclosures. Please note that all information included within this post comes directly from FINRA. For full details, please refer to Mr. Hartley’s BrokerCheck report.

Disclosure #1

In October of 2016, the state administrator for Michigan announced the intention to issue conditions or revoke the securities license of Daniel Hartley. According to the securities regulator for the state of Michigan, Mr. Hartley engaged in “dishonest and unethical business practices”. As a result, Mr. Hartley was fined $500 and conditions were placed on his Michigan securities license.

Disclosure #2

On August 5th, 2014, the Financial Industry Regulatory Authority alleged that Mr. Hartley improperly solicited, accepted, and structured a $150,000 loan from one of his clients. Borrowing and lending agreements between registered securities brokers and their customers are governed by FINRA Rule 3240.

Regulators allege that Mr. Hartley failed to follow the requirements of this rule. Without admitting or denying any misconduct in this case, Mr. Hartley consented to FINRA’s penalties, which included a $10,000 fine and two-month suspension from the securities industry.

Disclosure #3

In March of 2012, a customer bought a complaint against Mr. Hartley alleging that he received negligent tax advice. Mr. Hartley issued a comment stating that this dispute was being negotiated as part of a larger settlement. Eventually, this complaint was settled, and the customer was paid $40,239 in financial compensation.

Disclosure #4

In April of 2008, an investor filed a complaint alleging that Daniel Hartley made unauthorized transactions on their account. Financial advisors must have the proper authorization prior to making any trades, transfers, or other transactions on behalf of their customers. Without admitting or denying wrongdoing, Mr. Hartley settled the dispute and the customer was paid $10,279.19 in compensation.

Disclosure #5

In 2004, a customer brought a claim alleging that Daniel Hartley did not follow her instructions. In the complaint, this customer stated that she ordered Mr. Hartley to liquidate portions of an account, but that he failed to do so. As a result, she alleges that avoidable investment losses were suffered. Eventually, this dispute was settled, and this investor was paid $24,000.00 in financial compensation.

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