Aon D. Miller Invested In and Sold Outside Securities Prohibited by His Member Firm, Allegedly
Aon D. Miller, formerly of Chattanooga, Tennessee’s Benjamin F. Edwards & Company (BFE) branch, participated in five private securities transactions with three different entities, an Amended Complaint from FINRA’s Department of Enforcement alleges. From these transactions, which transpired from November 2011 through September 2012, four of Miller’s customers invested a total of $1,550,000, FINRA alleges. Miller failed to afford his firm, BFE, with sufficient prior written notice detailing the transactions, or the capacity to which he participated in any of said transactions, FINRA reports.
Miller Involved with Real Estate Company and Specialty Chemical Company, Reportedly
Miller personally invested in a real estate development company, known only as CDP, wherein investors gathered money together in real estate-related projects. Miller tried to have BFE become this real estate development company’s exclusive selling agent, but BFE declined, and told Miller that he was prohibited from soliciting any BFE customers to invest in the company, FINRA alleges. In spite of this warning, Miller solicited at least eight BFE customers to invest in the real estate investment company, three of whom took the bait, between May and September 2012, FINRA notes. The three reportedly invested approximately $350,000 in CPD. In addition, Miller personally invested $200,000 in a specialty chemical company, known only as KBI, and also personally invested $1,000,000 in an investment fund known only as LMP, in which he was a limited partner, FINRA reports. The investment reportedly took the form of promissory notes which reportedly promised investors a 16% annual return in one of LMP’s portfolio companies, known as CTL. Miller did not provide prior written notice to BFE before investing in either of the companies, FINRA alleges.
Miller Allegedly Faces Disciplinary Actions
The Complaint further details how Miller’s participation in securities transactions without prior written notice to his firm violates NASD and FINRA Rules. If FINRA successfully proves its allegations, then Miller may allegedly face disciplinary actions, including a censure, fine or suspension, and also potentially faces civil liability, the Complaint reports.
Miller No Longer Associated With FINRA-member Firm, Reportedly
Aon D. Miller began his career in the securities industry in 1998 as a general securities representative, and reportedly worked for A.G. Edwards & Sons (now known as Wells Fargo Advisors, LLC) from 1998 to 2008. In July 2011, Miller left Wells Fargo and became employed by BFE until his termination in October 2012, FINRA reports. Miller no longer has any association with a FINRA-member firm, but he remains subject to FINRA’s jurisdiction, FINRA states.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Aon D. Miller
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!