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Former McNally Financial Services Corporation broker Dennis Nakamura Barred by FINRA for Unsuitable Investment Recommendations

Posted on Friday, January 3rd, 2020 at 3:56 pm    

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Did you suffer investment losses due to recommendations by former McNally Financial Services Corporation broker Dennis Nakamura (CRD# 819626)? Nakamura was registered with McNally Financial Services Corporation in Moraga, California from 2010 to 2019.

In November 2019, FINRA barred Nakamura after he consented to the sanction and to the entry of findings that he refused to appear and provide on-the-record testimony requested by FINRA in connection to its investigation into whether he violated FINRA rules by making unsuitable investment recommendations to customers while associated with a member firm.

Nakamura has been the subject of five customer complaints between 1985 and 2018, one of which was denied, according to his CRD report. The most recent complaint was regarding:

July 2018. “Claimant alleges failure to disclose extent of risk, unauthorized trading, recommending unsuitable investments, breach of fiduciary duty, failure to supervise, churning, breach of contract and elder abuse.” The customer sought $491,861.68 in damages and the case was settled for $300,000. This case was regarding equity OTC and options and took place while Nakamura was registered with Mcnally Financial Services Corporation.

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, McNally Financial Services Corporation may be liable for investment or other losses suffered by Nakamura’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.