Mike McFeely (CRD# 5505995), a broker registered with LPL Financial, is facing serious allegations from investors who claim he recommended unsuitable oil and gas investments. As a financial analyst and legal expert with over a decade of experience, I find these allegations deeply concerning. Unsuitable investment recommendations can have devastating consequences for investors, eroding their hard-earned savings and jeopardizing their financial futures.
The gravity of these allegations cannot be overstated. With eight pending disputes seeking more than $1.2 million in damages, it’s clear that the impact on investors has been significant. As Warren Buffett once said, “Risk comes from not knowing what you’re doing.” It is the responsibility of financial advisors to thoroughly understand the investments they recommend and ensure they align with each client’s unique risk tolerance, financial goals, and circumstances.
Investigating Similar Conduct
MDF Law is currently investigating Mr. McFeely, who operates under the brand name Academy Financial in York, Pennsylvania, for potentially recommending unsuitable investments to other clients as well. If you have invested with Mr. McFeely and have concerns about the suitability of the investments in your portfolio, I strongly encourage you to contact our law firm for a free consultation. It’s crucial to protect your rights and explore your options for recovery.
It’s worth noting that according to a 2021 study by the Financial Industry Regulatory Authority (FINRA), more than 60% of investors who filed arbitration claims related to unsuitable investment recommendations received some form of monetary recovery. This underscores the importance of holding financial advisors accountable when they fail to act in their clients’ best interests.
Investment fraud and bad advice from financial advisors are unfortunately all too common. In fact, a recent study by the Securities and Exchange Commission (SEC) found that investment fraud losses hit a record high in 2022, with investors losing billions of dollars due to fraudulent schemes and unsuitable recommendations.
Examining Mr. McFeely’s Background
To better understand the context of these allegations, let’s take a closer look at Mr. McFeely’s background:
- He launched his career as a broker in 2008 with Lincoln Financial Advisors (now Osaic) in York, Pennsylvania.
- In 2024, after 16 years with Lincoln Financial Advisors, he joined LPL Financial’s branch office, also in York.
- Mr. McFeely has completed three industry exams, including the Series 66 and Series 7.
- His professional biography on Academy Financial’s website describes him as the firm’s managing partner and emphasizes his focus on business succession, financial independence, risk management, and estate planning strategies.
While Mr. McFeely’s public profiles highlight his experience and qualifications, the pending disputes call into question his adherence to FINRA’s suitability rule. This rule requires brokers to have a reasonable basis to believe that a recommended investment or investment strategy is suitable for the customer, based on the customer’s investment profile.
Seeking Justice for Investors
As an advocate for investor rights, my mission is to help those who have suffered losses due to unsuitable investment recommendations. The attorneys at MDF Law have extensive experience navigating FINRA arbitration proceedings and have secured millions in recoveries for wronged investors. If you believe you have a case, don’t hesitate to reach out for a free consultation.
Suitability is a core principle in the financial advice industry. When advisors disregard this principle and put their own interests ahead of their clients’, the consequences can be severe. By holding bad actors accountable, we can work towards a more transparent, ethical, and trustworthy financial system that truly serves the needs of investors.
