Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into financial advisor Michael Alexander Lackwood (CRD# 4742917), currently operating as Managing Member and Chief Compliance Officer of Spring Delta Asset Management. With concerns mounting about his regulatory history, investors who have worked with Lackwood deserve to understand the complete picture of his professional background.
Understanding Michael Lackwood’s Professional Background
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Michael Alexander Lackwood has operated in the financial services industry for over two decades. Currently managing Spring Delta Asset Management in New York, NY, Lackwood oversees client investments while simultaneously serving as the firm’s compliance officer – a dual role that raises important questions about oversight and accountability.
His career trajectory includes previous registrations with several firms, most recently APW Capital, Inc. While experience can be valuable, frequent firm changes combined with regulatory issues often signal potential problems that investors should carefully consider.
Red Flags: A Comprehensive Analysis of Regulatory Issues
Lackwood’s regulatory record reveals multiple customer complaints and regulatory actions that paint a concerning picture for potential and current investors. Here’s what you need to know:
| Type of Issue | Number | Significance |
|---|---|---|
| Customer Complaints | 5 | Pattern of client dissatisfaction |
| Employment Termination | 1 | Involuntary separation raises questions |
| Total Regulatory Events | 6 | Above industry average |
Detailed Breakdown of Customer Complaints
The five customer complaints against Lackwood span nearly two decades, suggesting persistent issues throughout his career. These complaints involve serious allegations that every investor should understand:
Complaint #1: March 2023 – Breach of Fiduciary Duty
- Alleged Damages: $250,000
- Allegation Period: 2013-2022
- Key Concern: Nine-year period of alleged misconduct
- Why It Matters: Fiduciary duty violations suggest an advisor may have placed their interests above their clients’
Complaint #2: February 2022 – Contract Breach and Negligence
- Alleged Damages: $250,000
- Allegation Period: December 2020 – January 2022
- Key Concerns: Breach of contract, negligence, failure to supervise
- Why It Matters: Multiple allegations suggest systemic problems with investment management
Complaint #3: October 2017 – Unauthorized Trading
- Alleged Damages: $1,515,000
- Settlement: $175,000
- Key Concern: Unauthorized transactions without client consent
- Why It Matters: Trading without permission violates fundamental trust between advisor and client
Complaint #4: May 2016 – Unsuitable Investments
- Alleged Damages: $60,000
- Settlement: $49,000
- Key Concern: Recommendations allegedly unsuitable for client’s risk profile
- Why It Matters: Advisors must match investments to each client’s specific needs and risk tolerance
Complaint #5: September 2004 – Early Career Issues
- Alleged Damages: $13,000
- Settlement: $6,550
- Key Concern: Pattern established early in career
Employment Termination: Additional Concerns
Beyond customer complaints, Lackwood was involuntarily terminated from Maxim Group LLC in September 2016. The firm cited “failure to timely disclose customer complaint” as the reason. This termination raises serious questions about transparency and compliance with industry regulations.
When advisors fail to disclose complaints promptly, it prevents firms from properly supervising their activities and protecting investors. This type of violation strikes at the heart of regulatory compliance designed to protect you.
Why These Issues Matter to Your Investments
You work hard for your money. You deserve an advisor who puts your interests first, communicates transparently, and maintains a clean regulatory record. Multiple complaints and regulatory issues create legitimate concerns about:
- Investment suitability – Are recommendations appropriate for your situation?
- Unauthorized trading – Is your consent being obtained for all transactions?
- Fiduciary duty – Are your interests being prioritized?
- Transparency – Are all risks and conflicts being disclosed?
Protecting Your Financial Future
If you’ve invested with Michael Lackwood or Spring Delta Asset Management, you have the right to understand how these regulatory issues might affect your investments. Consider these protective steps:
- Review all account statements carefully for unauthorized transactions
- Verify that your investments match your risk tolerance and goals
- Document any concerns or irregularities you notice
- Seek professional guidance to evaluate your options
You can verify Lackwood’s regulatory history yourself through FINRA’s BrokerCheck, a free tool providing public access to securities professionals’ backgrounds.
Your Rights as an Investor
Securities laws exist to protect you. When advisors breach their duties or make unsuitable recommendations, you may have legal recourse to recover losses. Time limits apply to these claims, making prompt action essential.
Many investors don’t realize they have options when something goes wrong. You deserve answers, accountability, and potentially compensation if you’ve suffered losses due to misconduct.
Take Action Today: Free Consultation Available
Haselkorn & Thibaut has over 50 years of experience helping investors nationwide, with a 98% success rate and millions recovered for clients. Our dedicated team understands the complexities of investment fraud cases and works on a contingency basis – no recovery, no fee.
If you’ve invested with Michael Lackwood or Spring Delta Asset Management and have concerns about your account, don’t wait. Call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Our experienced attorneys will review your situation, explain your rights, and help you understand your options moving forward.
Your financial future matters. Take the first step toward protecting it today.
