Michael is a financial services attorney, representing individual and corporate clients in connection with investigations and enforcement proceedings brought by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Massachusetts Securities Division (MSD), and other state and federal regulators. A significant part of Michael’s practice involves representing broker-dealers and individual financial advisors in litigation, FINRA arbitration, and regulatory investigations and actions.
Michael also has extensive experience in defending clients in state and federal court, and in regulatory matters, with respect to consumer protection laws includes the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Truth in Lending Act (TILA), and Massachusetts’ consumer protection law, M.G.L. c. 93A.
Before joining Mintz, Michael spent time during a secondment as a senior counsel for a major bank and managed its portfolio consumer lending, automobile financing, commercial transactions, and securities fraud cases.
Prior to being an attorney, Michael served as a budget and policy analyst and a legislative aide for a Massachusetts State Representative.
Experience
- Successfully defended Citizens Bank against putative class allegations of aiding and abetting fraud and breach of fiduciary in connection with a $100 million Ponzi scheme. The Western District of NY dismissed the complaint, with prejudice. The dismissal was upheld by the Second Circuit Court of Appeals.
- Secured voluntary dismissal of regulatory enforcement action brought against two individual financial advisors by the Rhode Island Department of Business Regulation.
- Represented financial services company in securing voluntary dismissal of MSD investigation into investment advisor representative registration prior to filing of an enforcement action.
- Regularly represents corporate clients and individuals being investigated by the MSD’s Registrations, Inspections, Compliance, and Examinations Section (RICE).
- Regularly represents individuals providing live on-the-record testimony to regulators such as FINRA, the SEC, and the MSD.
viewpoints
The SJC Shocks Financial Services Industry by Taking Victory Away from Robinhood and Giving it to the Secretary of State
August 29, 2023 | Blog | By Pete Michaels , Michael Pastore, Edmund P. Daley
Priorities, Priorities – FINRA Publishes Its Annual Report of Focus Areas for 2023
February 1, 2023 | Blog | By Michael Pastore
On January 10, 2023, the Financial Industry Regulatory Authority (“FINRA”) issued its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report”).
RIAs Beware: The Pitfalls When Going Straight To The (Out)Source
November 3, 2022 | Blog | By Michael Pastore, Edmund P. Daley
On October 26, 2022, the Securities and Exchange Commission (SEC) proposed a new rule and amendments under the Investment Advisers Act of 1940 (the “Act”) that would add significant guardrails to the common practice of registered investment advisers (RIAs) using third-party service providers (“Proposed Rule”).
High Risk, No Reward: SEC’s First Reg BI Enforcement Action
June 21, 2022 | Blog | By Pete Michaels , Michael Pastore, Alyssa C. Scruggs
Brokers beware: Reg BI is dormant no longer. Last week, the Securities and Exchange Commission (“SEC”) filed its first enforcement action alleging violations of Regulation Best Interest” (“Reg BI”), charging Western International Securities Inc. (“Western”) and five of its registered representatives.
Wither Enforcement? CFPB Reorganization Signals Big Changes
October 27, 2020 | Blog
Massachusetts Securities Division Begins Enforcement Of New State Fiduciary Conduct Standard
September 2, 2020 | Blog | By Pete Michaels , Michael Pastore
CFPB Solicits Assistance in Combatting Credit Discrimination
August 11, 2020 | Blog | By Pete Michaels , Michael Pastore
FINRA Shares Best Practices by Firms to Supervise in a Remote Work Environment
May 29, 2020 | Blog | By Pete Michaels , Michael Pastore
Court Puts COVID-19 Emergency Debt Collection Regulations on Ice
May 15, 2020 | Blog | By Pete Michaels , Michael Pastore
News & Press
Mass. Robinhood Ruling Will Affect Broker-Dealers Nationwide
September 20, 2023
Financial Services Co-chair Pete Michaels, Of Counsel Michael Pastore, and Associate Edmund Daley co-authored an article published in Law360 which focused on the widely anticipated Massachusetts Supreme Judicial Court decision on the Massachusetts fiduciary duty rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers.
Recognition & Awards
Named to the Massachusetts Super Lawyers Rising Stars list (2017)
Boston Magazine Top Lawyers – Litigation (2021)
Involvement
- Town Moderator, Town of Medfield
- Member, American Bar Association
- Member, Boston Bar Association
Recent Insights
Financial Services Co-chair Pete Michaels, Of Counsel Michael Pastore, and Associate Edmund Daley co-authored an article published in Law360 which focused on the widely anticipated Massachusetts Supreme Judicial Court decision on the Massachusetts fiduciary duty rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers.
