Barred Broker: Former Transamerica Financial Advisors, Inc. Broker Michael Mackay
Posted on Tuesday, November 19th, 2019 at 2:30 pm
Did you lose money investing with former Transamerica Financial Advisors, Inc. broker Michael Mackay (CRD# 2279775)? Mackay was registered with Transamerica Financial Advisors, Inc. in Cincinnati, Ohio from 2012 to 2019, when he was terminated regarding, “The firm received allegations from two customers that the Representative had referred them to an outside investment opportunity that was not approved by the firm.”
Previously, Mackay was registered with World Group Securities, Inc. in Duluth, Georgia from 2009 to 2012, when he was terminated regarding, “Representative was alleged to have been involved in commission sharing with a non securities registered individual in connection with the sale of a securities product.”
In July 2019, Mackay was barred by FINRA after her consented to the sanction and to the entry of findings that he failed to respond to a FINRA request for documents and information as a part of an investigation into allegations that he had referred customers to an outside real estate investment opportunity that his member firm had not approved.
Mackay has been the subject of two customer complaints in 2019, according to his CRD report:
January 2020. “Claimants allege the representative sold unsuitable investments, which were sold away from the firm.” The case was settled for $100,000.
December 2019. “Complainant alleged that she purchased a total of $427,000 of Equity Trust Co. REPF Fund through rep and recently found out that it was not a TFA approved product. Client is asking for recourse.” The customer sought $400,000 in damages and the case was settled for $250,000.
October 2019. “Claimants alleged the representative sold them unsuitable investments including promissory notes, which were sold away from the firm.” The customer is seeking $620,000 in damages and the case was settled for $425,000. This case is regarding promissory notes and took place while Mackay was registered with Transamerica Financial Advisors, Inc.
August 2019. “Complainant alleged that she provided a check to rep. In the amount of $300,000 for a real estate investment and wanted funds returned to her. The outside business activity was not approved by TFA.” The customer sought $300,000 and the case was settled for $235,000 in damages. This case was regarding real estate investments and took place while Mackay was registered with Transamerica Financial Advisors, 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, Transamerica Financial Advisors, Inc. may be liable for investment or other losses suffered by Mackay’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.