Last Updated: February 2025 (Richardson, TX)
National securities fraud lawyers at Patil Law P.C. are investigating current Independent Financial Group LLC broker Michael A. Tannery (CRD #1538345) regarding allegations of unsuitable investment recommendations and failure to properly disclose risks related to non-traded REITs. The investigation stems from a recently filed FINRA arbitration seeking $150,000 in damages.
Critical Insights About Richardson Financial Advisor Michael Tannery
- Advisor Name: Michael A. Tannery
- CRD: 1538345
- Location: Richardson, TX
- Current Employer: Independent Financial Group LLC
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 740 E Campbell Road, Suite 120, Richardson, TX 75081
- Can Michael Tannery be sued in FINRA arbitration: Yes
- Customer Disputes: One pending complaint, three prior disputes
- Current Registrations: Licensed in 10 states
- Years of Experience: Since 1986
- Previous Employers: LPL Financial LLC (2001-2013), Prudential Securities (1998-2001), Merrill Lynch (1992-1998)
- Professional Qualifications: Series 7, 24, 51, 63, 65 licenses
- Business Name: Tannery Company (DBA for marketing purposes)
- Current Status: Active with Independent Financial Group
Details Of Current Investigation
The current FINRA arbitration (Case #25-00011) alleges:
- Failure to fully explain investment complexities
- Inadequate risk disclosures regarding non-traded REITs
- Lack of transparency about investment illiquidity
- Damages alleged of $150,000
- Filing date: January 2024
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Investment suitability standards
- Risk disclosure practices
- Communication with clients
- Due diligence procedures
- Complex product sales practices
- Fiduciary duty obligations
- Documentation standards
History of Regulatory Issues and Customer Disputes
Mr. Tannery’s career includes several concerning incidents:
- 2006 Texas State Board of Public Accountancy action regarding improper use of CPA designation
- 1997 customer dispute settled for $95,280 involving trading issues
- 1998 termination from Merrill Lynch for unauthorized trading
- Multiple customer complaints alleging various trading violations
Red Flags For Investors
- Current pending REIT complaint
- History of regulatory action
- Previous trading violations
- Multiple customer disputes
- Employment termination
- Complex product sales
- Risk disclosure issues
- Documentation concerns
Implications For Current And Former Clients
Current and former clients should:
- Review all investment documentation
- Examine risk disclosures
- Verify transaction authorizations
- Monitor account activity
- Check REIT allocations
- Document communications
- Assess portfolio suitability
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about investments made with Mr. Tannery or questions about how your non-traded REIT investments were presented, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
