Last Updated: October 2024 (Scottsdale, Arizona)
Michael John Osland Financial Advisor Fraud Alert
National securities fraud lawyers at Patil Law P.C. are investigating broker Michael Osland (CRD #1791642), a financial advisor at Geneos Wealth Management, Inc., who has faced both regulatory sanctions and customer disputes related to unsuitable investment recommendations.
Michael John Osland (CRD #1791642) is a financial advisor with over three decades of experience, currently working at Geneos Wealth Management, Inc. in Scottsdale, Arizona. However, his career includes a regulatory sanction for unregistered advisory activities and a customer dispute alleging unsuitable investment recommendations, both of which potential investors should be aware of before engaging his services.
Critical Insights about Scottsdale, AZ Stockbroker Michael John Osland
- Advisor Name: Michael John Osland
- CRD: 1791642
- Location: Scottsdale, AZ
- Current Employer: Geneos Wealth Management, Inc.
- Classification: Stockbroker + Financial Advisor
- Primary Location: Scottsdale, AZ
- Can Michael Osland be sued in private FINRA arbitration: Yes
- Has Mr. Osland been sanctioned by FINRA: Yes, for advisory activities without registration in North Dakota
- Customer Dispute Allegations: Unsuitable investment recommendations leading to a settlement of $125,000
If you have suffered investment losses in an account handled by Mr. Osland or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Lost Money With Stockbroker Michael John Osland?
A customer of Geneos Wealth Management Inc. filed a dispute on December 6, 2017, alleging unsuitable investment recommendations and other causes of action between 2008 and 2017. The case involved various financial products, including variable annuities, mutual funds, oil and gas, real estate securities, and advisory services. The case settled on April 30, 2019, with a compensation of $125,000, of which Mr. Osland contributed $25,000.
- Complaint Filed: December 6, 2017
- Complaint Settled: April 30, 2019
- Alleged Damages: $350,000
- Settlement Amount: $125,000
- Docket/Case Number: FINRA Arbitration Case #17-03196
Allegations of Broker Misconduct Against Michael John Osland
Customers of Michael Osland have alleged the following misconduct in connection with their accounts:
- Unsuitable Investment Recommendations: The primary allegation against Mr. Osland involved recommending investments that were deemed unsuitable for his clients, resulting in substantial losses. The products in question included variable annuities, mutual funds, and other high-risk investments such as oil and gas and real estate securities.
- Regulatory Sanction: A regulatory action was filed by the North Dakota Office of the Securities Commissioner on March 5, 2001. The complaint alleged that Osland acted as an investment advisor for two North Dakota residents without being registered as an advisor in the state. Osland settled the matter by agreeing not to engage in advisory activities without proper registration and paid a fine of $1,500.
These actions may relate to FINRA Rule 2111, which requires brokers to ensure that their recommendations are suitable for the customer based on their financial situation and needs.
Broker Experience Summary
Michael John Osland (CRD #1791642) is a financial advisor with extensive experience in the industry, having worked for multiple firms since the late 1980s. He is currently registered with Geneos Wealth Management, Inc. in Scottsdale, AZ, where he has been employed since December 2008. Over the course of his career, Osland has passed a total of seven industry exams, including the General Securities Principal Examination and several state securities law exams.
Osland holds licenses in 31 U.S. states and territories, allowing him to offer a wide range of financial services. In addition to his role with Geneos Wealth Management, he also operates as an independent representative with various insurance firms. His career includes prior registrations with firms such as AIG Financial Advisors, Inc., SunAmerica Securities, and others, spanning across decades of experience.
Despite his long-standing career, Osland has faced regulatory scrutiny and customer disputes during his time in the financial services industry.
Negative Disclosures and Customer Disputes
Michael Osland has two notable negative disclosures in his FINRA record, one of which is a regulatory sanction and the other a customer dispute:
- Regulatory Event (March 5, 2001): The North Dakota Office of the Securities Commissioner took action against Osland for acting as an unregistered investment advisor in the state. He was fined $1,500 and agreed not to engage in advisory activities in North Dakota unless properly registered. The case was resolved on March 12, 2001.
- Customer Dispute (Filed December 6, 2017, Settled April 30, 2019): A customer of Geneos Wealth Management alleged unsuitable investment recommendations over a period from 2008 to 2017, involving products such as variable annuities and mutual funds. The case was settled for $125,000, with Osland personally contributing $25,000.
Allegations and Accusations in Terminations or Regulatory Actions
- Regulatory Sanction: The North Dakota Office of the Securities Commissioner alleged that Michael Osland acted as an investment advisor for two North Dakota residents without being properly registered in the state between 1999 and 2001. This resulted in a fine of $1,500 and a settlement agreement restricting his advisory activities in North Dakota unless registered.
- Customer Complaint: The customer dispute from 2017 alleged that Osland recommended unsuitable investments across various products, including annuities and real estate securities, leading to significant financial losses. The case was settled without admitting wrongdoing, but it highlighted concerns about investment suitability, a key requirement under FINRA Rule 2111.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Michael John Osland or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
