Investigation of McNally Financial Services Corporation Financial Advisor Marshall Cassedy Jr.
Posted on Wednesday, March 21st, 2018 at 7:33 am
There are options for customers of McNally Financial Services Corporation financial advisor Marshall Cassedy Jr. (CRD# 853370) who suffered losses. Cassedy has been registered with McNally Financial Services Corporation in Tallahassee, Florida since 2010.
In April 2010, Cassedy was terminated from Capitol Securities Management, Inc. in Tallahassee, Florida regarding, “Written customer complaints alleging the violation of internal policies and procedures with respect to the handling of customer accounts.”
In September 2010, the Florida Office of Financial Regulation sanctioned Cassedy to $12,500 in civil and administrative penalties and fines and a cease and desist regarding allegations of “Unauthorized trading, unregistered activity and caused firm to maintain inaccurate books and records.”
Cassedy received three customer complaints in 2009, all of which were settled, regarding unsuitable, excessive and unauthorized trading.
In July 2005, Cassedy was sanctioned to a monetary fine of $5,000 by the state of Florida regarding allegations of “Selling of unsuitable securities. Violation of chapter 517.161(1)(h) Florida statutes and NASD Conduct Rule 2310.”
Cassedy has been the subject of 18 customer complaints between 1987 and 2017, three of which were closed without action and two were denied, according to his CRD report. One complaint from 2017 was regarding:
December 2017. “Negligence, gross negligence, breach of contract, fraud, fraudulent misrepresentation, negligent misrepresentation, and breach of fiduciary duty.” The customer is seeking $845,000 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, McNally Financial Services Corporation may be liable for investment or other losses suffered by Cassedy’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.