Haselkorn & Thibaut has opened an independent investigation into the conduct of financial advisor Michael Archimede, formerly registered with PFS Investments. Drawing on publicly available materials, FINRA disclosures, and investor filings, our firm is reviewing all complaints, disputes, and disciplinary events tied to Mr. Archimede.
Background & Overview
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Michael Archimede (CRD # 5701306) was a registered broker and investment adviser with PFS Investments in Waukesha, Wisconsin, from around 2010 through late 2023. During that period, his record shows three formal disclosures: a FINRA regulatory sanction, an employment‐separation disclosure, and two customer dispute filings. Each of these suggests potential investor harm and raises questions about firm supervision and compliance.
Timeline of Key Events
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November 9, 2023 – A client filed a customer dispute alleging Archimede borrowed $52,482.12 from her and failed to repay.
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December 12, 2023 – Another customer reportedly lent Archimede $100,000 via promissory note—funds from an IRA—with no repayments made. Estimated investor losses reach $150,000 (including taxes).
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December 31, 2023 – PFS filed a Form U5 indicating Archimede was permitted to resign during an internal review after admitting borrowing from a client.
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January 2024 – FINRA opened an investigation based on the Form U5 disclosure, focusing on potential crypto‐related investments conducted away from PFS and the unauthorized loan activity.
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January 17–22, 2024 – Archimede signed a Letter of Acceptance, Waiver & Consent (AWC) with FINRA, neither admitting nor denying findings but consenting to a permanent bar from association with any FINRA member.
Red Flags for Investors
1. Borrowing from Clients
One of the clearest red flags: FINRA Rule 3240 generally prohibits brokers from borrowing or lending money from customers unless they are immediate family and firm policies expressly allow it. In Archimede’s case, he borrowed six‑figure amounts from clients without approval by his member firm and failed to comply with required supervisory protocols.
2. Failure to Cooperate with Regulator
Archimede refused to provide documents or appear for on‑the‑record testimony when FINRA requested it. Under FINRA Rule 8210, that refusal alone can lead to disciplinary action—indeed, FINRA barred him based on this non‑cooperation.
3. Unauthorized Private Securities Transactions (“Selling Away”)
According to FINRA, Archimede was under review for engaging in crypto offering transactions outside PFS’s awareness—transactions not approved by his firm, violating Rule 3280. This pattern aligns with allegations in arbitration claims he solicited clients into promissory note deals.
4. Multiple Customer Complaints with Financial Demands
To date, at least two separate complaints are documented: the $52K case (November 2023) and the pending larger claim of $173K (filed June 2024). These filings involve missing repayments and alleged unsuitable conduct.
Possible Oversights by PFS Investments
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Supervisory breakdowns: That the firm permitted Archimede’s resignation mid‑review suggests internal concerns—possibly about compliance with loans to clients and unsanctioned crypto activity.
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Failure to detect “selling away”: Archimede allegedly used personal devices and messages to solicit investments from clients in unauthorized deals. Effective supervision should have flagged, prevented, and reported such activities.
What the Investor Should Know
| Concern | Why It Matters |
|---|---|
| Borrowed funds from clients | That typically violates FINRA rules and creates conflicting incentives. |
| Permanent FINRA bar | Means he is prohibited from working in any capacity with a broker‑dealer. |
| Client complaints still pending | Could result in arbitration awards or settlements, with potential firm liability. |
| No previous disciplinary history prior to 2024 calm | Raises concerns that these patterns were not isolated incidents. |
Why Haselkorn & Thibaut Is Investigating
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We are reviewing documentation surrounding both customer disputes to determine whether investors have actionable claims.
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Our focus is whether PFS Investments failed to supervise or enforce rules that could have prevented inappropriate loan arrangements and unauthorized selling activities.
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We want to ensure clients harmed by any misconduct are fully informed about their rights.
How You Can Protect Yourself
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Review broker history on FINRA’s BrokerCheck—this is your starting point to spot disclosures and disputes.
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Document all communications and promises involving unapproved deals or loan arrangements.
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Do not accept typical denials as final—an open FINRA bar and unresolved client disputes can trigger your claim window.
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Consult experienced investor protection counsel early—prompt action better preserves evidence and timelines.
Why Haselkorn & Thibaut Can Help
Haselkorn & Thibaut is a national securities fraud law firm with over 50 years of experience, a 98 % success rate, and millions recovered for clients. We operate on a no recovery, no fee basis.
Our team of former regulators and seasoned securities attorneys has deep expertise in:
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Investigating broker misconduct like unapproved private securities offerings
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Pursuing recovery through FINRA arbitration
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Holding brokerage firms accountable for inadequate supervision
If you worked with Michael Archimede while he was associated with PFS Investments, and you have concerns—even if you haven’t filed a formal claim yet—we encourage you to reach out.
Take Action Today: Free Consultation
Call Haselkorn & Thibaut at 1‑888‑994‑8066 for a free, no‑obligation consultation.
When you call, we’ll:
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Listen to your story and assess your documents
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Explain potential options under FINRA arbitration
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Help you understand the strength of your case—with no upfront cost
You deserve clarity, accountability, and recovery if you were harmed. Let us help you get there.
Final Thoughts
The case of Michael Archimede at PFS Investments features several serious red flags—including borrowing large sums from clients, failure to respond to FINRA, and alleged unapproved investment schemes. The fact that PFS permitted his resignation while under internal review further underscores potential firm-level oversight issues.
If you invested with him and believe you may have incurred losses, or if unresolved questions remain, Haselkorn & Thibaut is ready to advocate for your rights. Call 1‑888‑994‑8066 today for a free consultation.
Let us help bring clarity to your investment experience and guide you toward potential recovery.
No recovery, no fee. Millions recovered. Over fifty years of experience.
