National investment loss lawyers KlaymanToskes is investigating broker Michael Coyne of First Trust Portfolios (CRD #4674176).
According to FINRA BrokerCheck, Michael Coyne, a financial advisor with First Trust Portfolios, is currently facing 14 pending investor disputes seeking over $8,000,000 in collective alleged damages, related to his alleged involvement in the creation of equity-linked notes.
Investors that suffered losses with broker Michael Coyne are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Michael Coyne’s FINRA BrokerCheck record contains 14 investor disputes naming him as co-respondent. The disputes involve allegations regarding his work with another advisor in the creation of an equity-linked note sold to investors. The disputes seek more than $8 million in cumulative damages. First Trust Portfolios’ BrokerCheck record shows the firm paid $8 million in civil penalties in August 2024 related to record-keeping rules. The matter involved failing to oversee representatives’ communications with customers using non-approved personal devices.
First Trust Portfolios addressed these allegations through a “Broker Comment” included with each dispute disclosure. The statement indicates that First Trust Portfolios wholesales third-party structured products to other brokers and firms for customer purchases, but does not market to or maintain retail customer accounts. The statement alleges that neither First Trust nor Mr. Coyne interacted with or recommended investments to the claimants. Michael Coyne, based in Phoenix, Arizona, entered the securities industry in 2009 with Morgan Stanley. He later worked at Goldman Sachs before joining First Trust in 2015. During his 14-year career as a broker, he has completed four industry exams, including the Series 66 and Series 31.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Michael Coyne, or have concerns regarding your investment portfolio at First Trust Portfolios, or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.