Michael Archimede Hit With $208,000 Finra Award

FT. LAUDERDALE, Fla. - EntSun -- Lars Soreide, Esq., of Soreide Law Group has won a $208,000 FINRA arbitration award against former broker Michael J. Archimede, previously with PFS Investments, Inc. of Waukesha, Wisconsin. Archimede solicited his client to lend him $100,000 through a promissory note tied to a cryptocurrency investment. No payments were ever made.

Archimede was registered with PFS from 2010–2023 and was permanently barred by FINRA in January 2024 "in connection with Archimede's potential investment in an offering involving crypto assets away from his member firm."

According to the lawsuit, on December 12, 2023, Archimede promised his client an immediate $50,000 return plus repayment of the $100,000 principal. The funds came from the client's IRA, resulting in $23,000 in taxes. Allegations included negligence, breach of fiduciary duty, and negligent supervision.

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A three‑member FINRA arbitration panel ordered Archimede to pay $156,000 in compensatory damages, $52,000 in attorneys' fees, and additional costs.

FINRA's BrokerCheck shows Archimede spent 14 years with PFS and has five disclosures: three "Customer Disputes," one "Regulatory" barring him from the industry, and an "Employment Separation After Allegations" filed after he admitted borrowing money from a customer.

For a free consultation, contact Soreide Law Group at 888‑760‑6552. Soreide Law represents investors nationwide before FINRA on a contingency‑fee basis—no fee if no recovery. Visit www.securitieslawyer.com.