Last Updated: October 2024 (Charlotte, North Carolina)
Michael Patrick Keen Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker Michael Keen (CRD # 6585665), a former financial advisor at Vanguard Marketing Corporation, who has been involved in a customer dispute alleging investment in unsuitable bond instruments. Keen’s actions have resulted in significant investment losses for his clients.
Michael Patrick Keen (CRD #6585665) is a former financial advisor with experience working for multiple firms, including Vanguard Marketing Corporation, but has faced a customer dispute regarding unsuitable investment recommendations that resulted in significant losses. Below, we provide further details about his professional history, negative disclosures, and customer complaints, which investors should consider before working with him.
Critical Insights about Charlotte, NC Stockbroker Michael Patrick Keen
- Advisor Name: Michael Patrick Keen
- CRD: 6585665
- Location: Charlotte, NC
- Previous Employer: Vanguard Marketing Corporation
- Classification: Stockbroker + Financial Advisor
- Primary Location: Charlotte, NC
- Can Michael Keen be sued in private FINRA arbitration: Yes
- Has Mr. Keen been sanctioned by FINRA: No
- Customer Dispute Alleging Investment Losses: Over $90,000 in unrealized losses
If you have suffered investment losses in an account handled by Mr. Keen 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 Patrick Keen?
A customer of Vanguard Marketing Corporation submitted a dispute on October 26, 2022, alleging that Michael Keen invested the client’s funds in longer-term bond instruments during a rising interest rate environment. The customer incurred over $90,000 in unrealized losses. The activities leading to these losses occurred between July 1, 2021, and June 17, 2022. However, the firm found no wrongdoing on Keen’s part, concluding that the investment recommendations were consistent with Vanguard’s methodologies.
- Complaint Filed: October 26, 2022
- Complaint Closed: December 7, 2022 (No Action)
- Alleged Damages: Over $90,000
- Case Status: Closed/No Action
- Case Number: N/A
- Firm’s Statement: No wrongdoing found; investment strategy deemed consistent with firm practices.
Allegations of Broker Misconduct Against Michael Patrick Keen
Customers of Michael Keen have alleged the following misconduct in connection with their accounts:
- Unsuitable Investment Recommendations: The customer complaint claimed that Mr. Keen invested in long-term bonds despite the rising interest rates, leading to substantial losses. Such investment strategies may violate FINRA Rule 2111 regarding the suitability of recommendations.
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.
FINRA requires brokers and brokerage firms to disclose customer complaints and disputes as well as regulatory sanctions. Brokers must ensure that all investment recommendations are suitable for their clients based on the client’s risk profile, investment objectives, and market conditions.
Broker Experience Summary
Michael Patrick Keen (CRD #6585665) has worked in the financial industry for several years, holding various positions across multiple firms. He has been employed by notable companies such as Vanguard Marketing Corporation, where he worked from December 2015 to July 2022, and more recently with Mariner Wealth Advisors as an Investment Adviser Representative in Overland Park, KS, starting in October 2023. Previously, Keen worked for Byron Financial, LLC, from July 2022 to October 2023.
Keen has passed four industry exams, including two general industry/product exams and two state securities law exams. These include the Securities Industry Essentials Examination (passed on October 1, 2018), the General Securities Representative Examination (passed on December 22, 2015), the Uniform Investment Adviser Law Examination (passed on May 4, 2018), and the Uniform Securities Agent State Law Examination (passed on February 8, 2016). He is no longer registered as a stockbroker but holds a Certified Financial Planner designation.
Negative Disclosures and Customer Disputes
Michael Keen has one customer dispute on record and no other disclosed regulatory actions, criminal events, or tax liens. Below is a summary of the dispute:
- Customer Dispute (October 26, 2022): A customer alleged that Keen invested their funds in longer-term bond instruments in a rising interest rate environment, leading to over $90,000 in unrealized losses. The dispute was reviewed, and the firm concluded that the investment recommendations were consistent with Vanguard’s investment methodology. The case was closed with no action taken on December 7, 2022.
Allegations and Accusations in Terminations or Regulatory Actions
- Customer Complaint: The main allegation against Michael Keen stems from his investment recommendation of long-term bonds during a period of rising interest rates, which led to significant unrealized losses for a customer. The firm found no evidence of wrongdoing, and no regulatory sanctions or further actions were pursued against Keen.
There are no additional regulatory actions or terminations with cause listed against Michael Keen.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Michael Patrick Keen 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.
