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.
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