Securities and Insurance attorneys discussing case

Former Miracle Mile Advisors LLC And B. Riley Wealth Management Investment Advisor Brian Michael Sterz Charged With Nearly $4 Million In Customer Claims

By: Reif Law Group, P.C.

Brian Michael Sterz (CRD # 5333667) was “permitted to resign” from B. Riley Wealth Management in November 2021 for having “failed to follow Firm policies and procedures.” Brian Michael Sterz was also, on information and belief, permitted to resign from Miracle Mile Advisors LLC in September 2020 after the customers’ account was not de-leveraged and lost multi-millions of dollars in value. 

Sterz was accused in 2021 and 2022 of three pending customer disputes totaling nearly $4 million in claims.

In September 2021, a customer alleged breach of fiduciary duty by disregarding customers’ investment objectives and investing in government-sponsored entities (FNMA, FMCC, FMAT) during the period of October 2020 to July 2021. Customer requested $600,987.40 in damages.

In February 2022, a customer alleged the accounts were overconcentrated in FNMA, FNMAT, and FMCC and that these positions were unsuitable for her portfolio. Customer requested $2,353,209 in damages.

In May 2022, a customer alleged the accounts were overconcentrated in FNMA, FNMAT, and FMCC and that these positions were unsuitable for their portfolio. Customer requested $1,000,000 in damages.

Our law firm is looking into claims of investment losses by former customers of Brian Michael Sterz and his former investment advisory firms: Miracle Mile Advisors LLC and B. Riley Wealth Management. 

Can I recover my investment losses? If you lost your retirement savings resulting from investments purchased by BRIAN STERZ, MIRACLE MILE ADVISORS, LLC, or B RILEY WEALTH MANAGEMENT, please contact us immediately. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don’t wait. Contact us today for a free consultation.