Finra has suspended and fined a former Baird broker over allegations that he participated in private securities transactions totaling around $200,000 without giving prior notice to the firm, the regulator says.
Michael Jason Collins, who joined the financial services industry in 1999, came to Robert W. Baird & Co. in 2010, according to a letter of acceptance, waiver and consent published by Finra.
The company terminated him on Oct. 30, 2017, noting in his Form U5 that the cause of his termination was Collins introducing a “client to a private investment without Firm approval,” the regulator says.
Collins registered the following month with another firm Finra doesn’t name in the letter of acceptance, but was terminated on Nov. 7, 2019, the regulator says.
Collins consented to a five-month suspension and a $10,000 fine without admitting or denying Finra’s findings, according to the letter of acceptance.
The firm where Collins was registered from November 2017 to November 2019 is Kingsbury Capital, according to Collins’ BrokerCheck profile.
In addition to his suspension, Collins’ record includes one customer dispute from March 2018, since settled for a little over $18,500, over allegations of excessive fees charged to a client’s account, according to BrokerCheck. Collins writes in the comment section that the fees were charged according to the firm’s schedule and were also reviewed internally, and that he didn’t contribute to the settlement.