Erez Law is currently investigating former National Securities Corporation financial advisor Glenn McDowell (CRD# 2748337) regarding unauthorized transactions. McDowell was registered with Woodstock Financial Group, Inc. in New York, New York from 2013 to 2015. Previously, he was registered with Olson, Cross & Alamo LLC in Brooklyn, New York from January to May 2013, and with National Securities Corporation in New York, New York from 2001 to 2013 when he was terminated due to “RR was terminated upon review of allegations in a customer complaint.”
In April 2017, FINRA sanctioned McDowell to pay $70,040.30 in restitution and barred him from acting as a broker or otherwise associating with firms that sell securities to the public after it was alleged that he executed 38 unauthorized transactions in the account of a customer in a non-discretionary account without first obtaining authorization. During the three month period in which the trades took place, It is alleged that McDowell earned approximately $5,300 in commissions for these transactions, and the customer suffered losses of $64,740.08.
McDowell has been the subject of three customer complaints between 2012 and 2015, one of which was denied and two were closed without action, according to his CRD report:
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, National Securities Corporation may be liable for investment or other losses suffered by McDowell’s customers.
Erez Law represents investors in the United States for claims against former National Securities Corporation financial advisor Glenn McDowell, who is alleged to make unauthorized trades in customer accounts. If you were a client of National Securities Corporation or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.