FINRA barred former Woodbury Financial Services broker Michael Jeffrey Talin of Seal Beach, California for failing to cooperate with investigators after customers alleged that he misappropriated and converted over $300,000.
According to Talin's BrokerCheck report, Woodbury Financial discharged him after he failed to disclose a civil complaint and three tax liens to the firm; Talin was registered with Woodbury's Seal Beach branch since 1998 and employed by the firm's Los Alamitos location since 2000.
The two recent customer disputes lodged against Talin, one requesting $321,850.00 in damages and the other $300,000, accuse Talin of misappropriation while a March 2015 criminal charge alleges that Talin engaged in felony theft from an elder, money laundering, and accuses Talin of being an investment advisor engaged in a fraudulent practice. The charges were filed March 25 in Orange County Superior Court.
According to one of the customer complaints, Talin received 48 checks over an eight-month period, which were to be deposited into a client's investment accounts. The complaint alleges that instead of depositing the checks into the customer's accounts, Talin deposited them into an account he controlled, resulting in over $300,000 in damages.
In 2009, Talin reached a $100,000 settlement in response to a customer's complaint alleging unsuitable and negligent variable annuities recommendations made in breach of fiduciary duty.
If you have invested with Michael Jeffrey Talin or with any broker, financial adviser or firm whose illicit or unlawful misappropriation, conversion or theft of your funds—cash, check or otherwise—has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.