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Coastal Equities Broker Michael Donnelly Sanctioned by Securities Regulator-Discharged for Misappropriating Client Funds

Coastal Equities Broker Michael Donnelly Sanctioned by Securities Regulator-Discharged for Misappropriating Client Funds

Coastal Equities Broker Michael Donnelly Sanctioned by Securities Regulator-Discharged for Misappropriating Client Funds 150 150 Rex Securities Law

October 2015 UPDATE-Michael Donnelly admits stealing $2M from his elderly clients. See this for more.

October 5, 2014-Newark, Delaware

Michael E. Donnelly  entered into a Letter of Acceptance, Waiver and Consent  (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that in September 2014 Donnelly would not cooperate with FINRA who was investigating allegations that he converted client funds.   Case # 2014042487201.

Donnelly was permanently barred  from acting as a broker or otherwise associating with firms that sell securities to the public.

FINRA records indicate Donnelly was registered with Coastal Equities, Inc.  from 10/2009-9/2014. Donnelly was discharged from Coastal Equities 9/2/2014 with the comment “Misappropriation of client funds”.

Prior to that he was registered with First Midwest Securities  from 5/2006-3/2009.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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Rex Securities Law

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