Can I recover losses from investments with former Raymond James & Associates, Inc. broker Michael McNulty (CRD# 1493933)? Michael McNulty has been registered with Lincoln Financial Advisors Corporation in Boca Raton, Florida from 2018. Previously, Michael McNulty was registered with Raymond James & Associates, Inc. in Boca Raton, Florida from 2005 to 2018.
Michael McNulty Customer Complaints
Michael McNulty has been the subject of two customer complaints between 2016 and 2020, according to his CRD report:
- July 2020. “Client alleges advisor recommended unsuitable investments. Allegation Activity Dates: 2011 – 2016.” The case is currently pending. The complaint was regarding sector concentration and equities losses and took place while Michael McNulty was registered with Raymond James & Associates, Inc.
- July 2016. “Client alleges: Failure to Diversify, Material Omissions, Negligence, Breach of Fiduciary Duty, Over Concentration, Suitability, Misrepresentation and Poor Recommendation. Activity Date(s): 9/16/2014 thru 5/31/2016.” The customer sought $1 million in damages and the case was settled for $350,000. The case was regarding direct investments, common and preferred stocks, unit investment trust (UITs), real estate investment trusts (REITs), and master limited partnerships (MLPs) and took place while Michael McNulty was registered with Raymond James & Associates, Inc.
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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Michael McNulty’s customers.
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