History Of Michael Keith Napier
Napier first became registered with FINRA in June 2004. Napier became registered with
FINRA as a General Securities Representative and an Investment Company and Variable
Contracts Products Representative through an association with Securities America, Inc.
(CRD No. 10205) in September 2019. Napier remains registered through Securities
America in those two capacities.
Michael Keith Napier Report
This matter originated from a customer complaint made to FINRA.
Regulation S-P generally prohibits financial institutions from disclosing “nonpublic
personal information” about a customer unless the customer receives proper notice and an
opportunity to opt out. Information is considered to be “nonpublic personal information”
if it contains personally identifiable financial information about one or more consumers,
including: (1) information a consumer provides to a broker-dealer to obtain a financial
product or service; (2) information about a consumer resulting from any transaction
involving a financial product or service between a broker-dealer and a consumer; or (3)
information a broker-dealer otherwise obtains about a consumer in connection with
providing a financial product or service to that consumer. “Nonpublic personal
information” includes, among other things, customers’ names, social security numbers,
and birth dates that are derived in whole or in part from information provided to a
financial institution by a customer.
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A registered representative who discloses nonpublic personal information about a
customer, and causes his or her broker-dealer to violate Regulation S-P, violates FINRA
Rule 2010, which requires member firms and their associated persons to observe high
standards of commercial honor and just and equitable principles of trade.
In September 2019, after accepting an offer to join Securities America, Napier
improperly removed from the member firm through which he was then registered
nonpublic personal information concerning 285 customers and 728 accounts, without his
firm’s or the customers’ knowledge or consent. Specifically, Napier shared his
customers’ nonpublic personal information, including, among other items, dates of birth
and social security numbers with a third-party vendor, which the vendor used to populate
forms to assist him with transitioning customers to Securities America.
Therefore, Napier caused his then-member firm to violate Regulation S-P, and in doing
so, violated FINRA Rule 2010.
Penalties, Punishments & Sanctions
a 10 business-day suspension from associating with any FINRA member in all
a $5,000 fine.
Respondent agrees to pay the monetary sanction upon notice that this AWC has been
accepted and that such payment is due and payable. Respondent has submitted an
Election of Payment form showing the method by which he proposes to pay the fine
Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time after the execution of this AWC, the monetary sanction imposed in this
Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
Michael Keith Napier Review
After accepting an offer to join Securities America, Napier improperly took nonpublic
personal customer information from the firm through which he was then registered,
without that firm’s or the customers’ knowledge or consent. As a result, Napier violated
FINRA Rule 2010 by causing his then-member firm to violate the SEC’s Regulation S-P:
Privacy of Consumer Financial Information and Safeguarding Personal Information
Who is the Financial Adviser?
A financial adviser or advisor is a professional who offers financial services to clients based on their financial situation. In several countries, financial advisors have to finish specific training and register with a regulatory body to provide advice.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of Michael Keith Napier
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Michael Keith Napier. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.