Michael William Hajek III—Exceeding Scope of Firm’s Approval to Conduct Business

Investment fraud attorneysMichael William Hajek III Allegedly Exceeded the Scope of His Firm’s Approval to Operate his CPA Business by Helping Customers Open and Administer Self-Directed IRAs

Michael William Hajek III allegedly exceeded the scope of his firm’s approval to conduct his CPA business by assisting customers open and administer self-directed IRAs away from the firm, according to a recent FINRA Letter of Acceptance, Waiver, and Consent (AWC) currently under review by attorney Alan Rosca and Joe Peiffer.

Michael William Hajek III also allegedly exceeded the scope of his firm’s approval by recommending and facilitating customers’ investments in said accounts, which also allegedly included securities, said AWC reports.

The Peiffer Rosca Wolf securities lawyers are currently investigating Michael William Hajek III’s numerous undisclosed outside business activities.

Michael William Hajek III Allegedly Involved in Numerous Outside Business Activities, Participated in Twelve Securities Transactions Totaling over $2.3 Million; Suspended and Fined $35,000 by FINRA

Michael William Hajek III allegedly was involved in numerous outside business activities and participated in twelve securities transactions effected in customers’ self-directed IRA accounts totaling over $2.3 million, according to a recent FINRA AWC being reviewed by attorney Alan Rosca and Joe Peiffer.

Michael William Hajek III’s CPA business, which ran with his wife Karen Hajek, allegedly induced customers to transfer a total of $1.8 million in cash from their firm accounts to their self-directed IRA accounts, the AWC reports. Also, the AWC notes, Michael William Hajek III allegedly engaged in multiple outside business activities including a corporation called KIS (Kline Investment Services, Inc.).

As a result of the aforementioned behavior, Michael William Hajek III allegedly violated NASD and FINRA Rules, and hence, has been suspended and fined $35,000 by FINRA. One should also note that, according to the AWC, Michael W. Hajek III neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged outside business activity. They are currently investigating Michael William Hajek III’s alleged outside business activities. 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 Michael William Hajek III’s alleged outside business activities may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1174 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.