Broker Investigation: Michael Joseph Clarke

Michael Joseph Clarke (CRD#: 1078211) is a registered FINRA broker. Currently, Mr. Clarke is employed at Avatar Capital Group in Jersey City, New Jersey. This broker has also worked at Marv Capital (2015-2016), Traditional Asiel Securities (2010-2015), and Whitaker Securities (2008-2010).

On June 15th, 2018, FINRA filed a complaint against Mr. Clarke alleging that he unlawfully converted more than $600,000 in funds. Here, our investment fraud attorneys review the complaint against Michael Joseph Clarke. All information contained in this post comes from Disciplinary Proceeding No. 2016050938301.

FINRA Complaint: Michael Joseph Clarke

The alleged misconduct in this case occurred between October of 2015 and April of 2016. At that time, Michael Joseph Clarke was employed at Marv Capital Inc. in New York City. FINRA alleges that Mr. Clarke made material misrepresentations to certain securities industry contacts.

More specifically, investigators contend that Mr. Clarke unlawfully converted nearly $600,000 in funds to pay off his own personal expenses. Regulators allege that this conduct is a violation of FINRA Rule 2010, which requires securities industry representatives to uphold high standards of commercial honor and integrity.

As of early July, this complaint is pending. FINRA is requesting appropriate sanctions against this broker. This could potentially include a suspension, fines, payment of full financial restitution, and the disgorgement of ill gotten gains.

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