Summit, New Jersey – December 10, 2025 – John Michael Pulliam (CRD# 2224237), a financial advisor currently with The Leaders Group, Inc., has three disclosures on his FINRA BrokerCheck record. Most significantly, Pulliam was discharged from Raymond James Financial Services on September 10, 2025, after allegations that he engaged in conduct inconsistent with firm policies on outside business activities. Additionally, his record shows two denied customer complaints from 2003 alleging variable annuity misrepresentation and unauthorized trading with alleged damages totaling over $11,000. While both complaints were denied over 20 years ago, the recent termination raises important questions for investors about compliance with firm policies and proper supervision of outside business activities.
BrokerCheck Snapshot
Name: John Michael Pulliam
CRD #: 2224237
Current Status: Currently registered
Current Firm: The Leaders Group, Inc.
Location: Summit, New Jersey
Years in Industry: 33
Number of Disclosures: 3
Employment Termination from Raymond James Financial Services
John Michael Pulliam was discharged from Raymond James Financial Services, Inc. on September 10, 2025, after allegations that he engaged in conduct inconsistent with firm policies on outside business activities.
Termination Details:
- Employer: Raymond James Financial Services, Inc.
- Termination Date: September 10, 2025
- Termination Type: Discharged
- Allegations: Engaged in conduct inconsistent with firm policies on outside business activities
- Employment Duration: September 2019 – September 2025 (6 years)
Financial advisors are required to disclose all outside business activities to their employing firms and obtain approval before engaging in such activities. Outside business activities include any business or employment outside of the broker-dealer relationship, whether compensated or not. Firms have policies requiring disclosure and approval of outside business activities to prevent conflicts of interest, ensure proper supervision, and protect investors from potential harm.
When brokers engage in outside business activities without proper disclosure or approval, it can create situations where investors are exposed to unapproved investment opportunities, conflicts of interest, or inadequate supervision. Failure to comply with firm policies on outside business activities is considered a serious violation that can result in termination and regulatory sanctions.
According to the BrokerCheck report, Pulliam currently lists his position as “Founder & Managing Director” of Pulliam Family Office in Crested Butte, Colorado, an investment-related entity where he reports spending 160 hours per month including during trading hours. The timing of this disclosure in December 2025, shortly after his termination from Raymond James in September 2025, raises questions about whether this outside business activity was the subject of the termination.
Pulliam joined The Leaders Group, Inc. in Summit, New Jersey on December 1, 2025, less than three months after his discharge from Raymond James.
Denied Customer Complaints Against John Michael Pulliam
Denied Complaint – Variable Annuity Misrepresentation (2003)
A customer filed a complaint on August 6, 2003, alleging that John Michael Pulliam misrepresented a variable annuity in 2002. The complaint was denied on October 13, 2003.
Complaint Details:
- Date Filed: August 6, 2003
- Employing Firm: Citigroup Global Markets Inc.
- Allegations: Variable annuity misrepresentation
- Products Involved: Variable annuity
- Alleged Damages: Unspecified but in excess of $5,000
- Status: Denied
- Status Date: October 13, 2003
Variable annuities are complex insurance products that combine features of insurance and securities. These products often involve high fees, surrender charges, and tax considerations that make them unsuitable investments for many investors. Common misrepresentations involving variable annuities include failure to disclose surrender charges, understating fees and expenses, overstating guarantees or benefits, and recommending annuities to investors for whom they are not suitable.
Denied Complaint – Managed Account Instructions Not Followed (2003)
A second customer filed a complaint on April 4, 2003, alleging that John Michael Pulliam failed to follow instructions to liquidate a managed account and misrepresented the account value in June 2002. The complaint was denied on April 22, 2003.
Complaint Details:
- Date Filed: April 4, 2003
- Employing Firm: Smith Barney (Citigroup Global Markets Inc.)
- Allegations: Instructions to liquidate managed account not followed; account value misrepresented
- Products Involved: Listed equity (common and preferred stock), OTC equity
- Alleged Damages: $6,203.62
- Status: Denied
- Status Date: April 22, 2003
This complaint alleges that Pulliam failed to follow customer instructions to liquidate a managed account and misrepresented the account value. When brokers fail to follow explicit client instructions regarding account liquidation, it can constitute unauthorized trading or breach of fiduciary duty. Additionally, misrepresenting account values is a serious allegation that, if proven, could constitute fraud or misrepresentation.
Both complaints were denied by the respective firms, indicating the firms concluded the allegations were not substantiated. However, denied complaints do not necessarily mean the broker’s conduct was appropriate, and investors who believe they experienced similar issues should review their account documentation carefully.
Employment History
John Michael Pulliam has worked in the securities industry since 1992 and has 33 years of experience. His employment history includes:
Current Employment:
- The Leaders Group, Inc. (December 2025 – Present)
- Position: Registered Representative
- Location: Summit, New Jersey
- Registration Date: December 1, 2025
Previous Employment:
- Raymond James Financial Services, Inc. (September 2019 – September 2025)
- Position: Financial Advisor
- Location: Crested Butte, Colorado
- Duration: 6 years
- Termination: Discharged September 10, 2025
- UBS Financial Services Inc. (November 2011 – September 2019)
- Position: Financial Advisor
- Location: Plano, Texas
- Duration: 8 years
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (May 2006 – December 2011)
- Location: Plano, Texas
- Duration: 5.5 years
- Citigroup Global Markets Inc. (Smith Barney) (March 1994 – May 2006)
- Location: Plano, Texas
- Duration: 12 years
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (June 1992 – August 1993)
- Location: New York, New York
- Duration: 1+ year
Pulliam began his career with Merrill Lynch in 1992 and spent the majority of his career in Texas working for major wirehouses including Citigroup/Smith Barney, Merrill Lynch, and UBS. He relocated to Colorado when joining Raymond James in 2019. Following his discharge from Raymond James in September 2025, he quickly joined The Leaders Group in New Jersey in December 2025.
Pulliam holds principal/supervisory registrations (Series 9 and Series 10), indicating he has held supervisory roles during his career. He also holds Series 3 (commodity futures), Series 7, Series 63, and Series 65 licenses.
Understanding Outside Business Activities Violations
Securities regulations and firm policies require brokers to disclose all outside business activities to their employing firms. This requirement exists to prevent conflicts of interest, ensure proper supervision, and protect investors from potential harm. Outside business activities can include serving as an officer or director of another company, engaging in investment-related businesses, selling products or services, or any other business activities outside the broker-dealer relationship.
When brokers fail to disclose outside business activities or engage in such activities without firm approval, several risks arise including inadequate supervision of the broker’s activities, potential conflicts of interest that are not properly managed, exposure of clients to unapproved investment opportunities, and violations of securities regulations that can result in termination and regulatory sanctions.
Firms have detailed policies requiring brokers to disclose all outside business activities, obtain approval before engaging in such activities, and provide regular updates about their ongoing outside activities. Violations of these policies are taken seriously and can result in immediate termination, as occurred with Pulliam at Raymond James.
Pattern of Complaints / Risk Factors
John Michael Pulliam’s BrokerCheck record shows three disclosures: a recent discharge from Raymond James in September 2025 for alleged conduct inconsistent with firm policies on outside business activities, and two denied customer complaints from 2003. While the customer complaints are over 20 years old and were denied by the firms, the recent termination for alleged outside business activities violations raises concerns about compliance with firm policies and regulatory requirements. The timing of the termination in September 2025 and his subsequent registration with a new firm in December 2025, along with disclosure of a family office business where he reports spending 160 hours per month, suggests the outside business activities issue may relate to this entity. Investors who worked with John Michael Pulliam, particularly those who may have been introduced to outside investments or business opportunities, should carefully review all account documentation and investment recommendations to ensure they were properly disclosed, approved by the firm, and suitable for their investment objectives and risk tolerance.
Can Investors Recover Losses?
Investors who experienced losses due to unsuitable investments, unauthorized trading, breach of fiduciary duty, or participation in unapproved outside business activities may be entitled to recover their losses through FINRA arbitration. FINRA arbitration is a dispute resolution process designed specifically for securities-related claims and provides an alternative to traditional court litigation.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
If you experienced losses, unsuitable investments, or were introduced to outside investment opportunities while working with John Michael Pulliam at Raymond James, UBS Financial Services, The Leaders Group, or any other firm, contact our office at 800-950-6553 or info@patillaw.com to discuss your options.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident, making it important to act promptly if you suspect broker misconduct.
Related Brokers and Firms
Investors with accounts at Raymond James advisors, UBS Financial Services advisors, Merrill Lynch advisors, or advisors at The Leaders Group may benefit from reviewing their account history for similar issues. Other advisors at these firms may have faced customer complaints and regulatory disclosures.
For investors who experienced losses involving specific misconduct types, the following resources may be helpful:
- Outside Business Activities
- Unsuitable Investments
- Unauthorized Trading
- Breach of Fiduciary Duty
- Misrepresentation
- Failure to Supervise
Frequently Asked Questions
Q1: What are the complaints against John Michael Pulliam?
John Michael Pulliam has three disclosures on his BrokerCheck record: (1) discharge from Raymond James Financial Services in September 2025 for alleged conduct inconsistent with firm policies on outside business activities; (2) a denied customer complaint from 2003 alleging variable annuity misrepresentation with alleged damages exceeding $5,000; and (3) a denied customer complaint from 2003 alleging failure to follow instructions to liquidate a managed account and misrepresentation of account value with alleged damages of $6,203.62.
Q2: Can investors recover losses involving Raymond James Financial Services or UBS Financial Services?
Yes. Investors who suffered losses due to broker misconduct at Raymond James, UBS, Merrill Lynch, Citigroup, The Leaders Group, or any other firm may be entitled to recover their losses through FINRA arbitration. The arbitration process allows investors to pursue claims against both the broker and the firm for unsuitable recommendations, breach of fiduciary duty, failure to supervise, unauthorized trading, and other securities violations.
Q3: What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum specifically designed for securities-related claims. It provides a faster and less expensive alternative to traditional court litigation, with most cases resolved within 12-16 months. An arbitration panel reviews the evidence and makes a binding decision on the claim.
Q4: What are outside business activities violations?
Outside business activities violations occur when brokers engage in business or employment outside their broker-dealer relationship without proper disclosure to and approval from their firm. Brokers must disclose all outside business activities, whether compensated or not, to ensure proper supervision and prevent conflicts of interest. Engaging in undisclosed outside business activities can result in termination and regulatory sanctions.
Q5: How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website and search by the broker’s name or CRD number. The report will show employment history, qualifications, and any customer complaints, regulatory actions, or terminations. BrokerCheck is a free public resource maintained by FINRA.
Q6: What should I do if I suspect broker misconduct?
First, gather all account statements, correspondence, investment recommendations, and documentation related to your investments or any outside investment opportunities. Next, consider filing a complaint with FINRA and your state securities regulator. Finally, consult with a securities attorney experienced in FINRA arbitration to evaluate whether you have a valid claim for recovery.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you experienced investment losses while working with John Michael Pulliam or another broker at The Leaders Group, Raymond James, UBS Financial Services, Merrill Lynch, or any other firm, contact Patil Law, P.C. today. Our experienced securities attorneys can review your case and explain your legal options at no cost and with no obligation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
Disclaimer: The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are contested or unproven and may be resolved in the broker’s favor. Both customer complaints discussed were denied by the firms. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
