FINRA fined and suspended Paychex Securities broker Michael Shoniker for referring 401(k) customers to an outside registered investment advisory (RIA) firm. Shoniker reportedly received $740,000 for the referrals in violation of Paychex policy which prohibited brokers from receiving finder's fees, commissions, and investment advisory fees without prior approval, which Shoniker did not have.
Michael Timothy Shoniker (CRD #6402676)'s outside business is called MTS Consulting, according to Shoniker's BrokerCheck file, which is described as an investment-related company that provides education and consulting for 401(k) plan sponsors and participants, and which also runs short term rental properties.
Shoniker is also listed as a financial advisor at Excel Wealth Management.
If you invested with Michael Shoniker or with any broker, investment advisor, or representative who has referred you to another firm or to unsuitably recommended purchasing securities that have resulted in losses or proven harmful to your investments or interests through excessive commissions or sales charges, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.