December 19,2014- Syracuse, New York
In FINRA Disciplinary Proceeding No. 2012034389202, Bernard G. McGee was barred in all capacities from associating with any FINRA member for making unsuitable recommendations to a customer who was advised to sell 4 annuities and purchase a charitable gift annuity.
McGee denied the charges and after a hearing June 2-6, 2014, the Extended FINRA Hearing Panel ordered the bar from the industry and ordered McGee to disgorge commissions and pay restitution to the affected customer.
The customer incurred charges of over $36,000 when she surrendered about $490,000 in annuities and the surrender also created taxable income.
According to FINRA records McGee was registered with Cadaret Grant & Co. from 4/2007-10/2012. He was most recently registered with Independent Financial Group.
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