Former National Securities Corporation financial advisor Leonard Mcabee (CRD# 2066347) accused of unauthorized trading in customer accounts. Mcabee has been registered with National Securities Corporation in Lombard, Illinois from 2011 to 2018. Previously, Mcabee was registered with Barron Chase Securities, Inc. in Boca Raton, Florida from 1997 to 2000 and with H.J. Meyers & Co., Inc. in Rochester, New York from 1996 to 1997, when he was terminated regarding, “Unauthorized trading of one account.”
In August 2012, the State of Indiana Office of the Secretary of State Securities Division sanctioned Mcabee to $5,000 in civil and administrative penalties and fines regarding, “allegations that the RR made trades in the account of one Indiana resident on the direction of a third party, without a properly signed power of attorney, in violation of 710 ind. Admin. Code 4-10-1(8).”
Mcabee has been the subject of six customer complaints between 2011 and 2018, one of which was closed without action, according to his CRD report. The two recent complaints are regarding:
- December 2018. “Unauthorized trading, breach of fiduciary duty, negligence.” The customer is seeking $530,000 in damages and the case is currently pending. This case is regarding private placements.
- September 2018. “Suitability, misrepresentation & omissions.” The customer is seeking $90,900 in damages and the case is currently pending.
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 Mcabee’s customers.
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