JANUARY 2019 – San Antonio, TX
According to publicly available records Barrett Oliver Schultz (aka Barrett Creed) , (CRD# 2741114) , a stockbroker who is employed by McNally Financial Services, discloses a pending customer disputes and one recently settled customer suit .
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In recently filed FINRA Case 18-2354, customers of McNally Financial Services Corporation allege failure to disclose the extent of risk of investment recommendations, unauthorized trading, unsuitable investments, breach of fiduciary duty, failure to supervise, churning and elder abuse. The customers seek damages of $491,861.
FINRA Case 17-03274, filed 12/2017, was recently settled for $520,000. A customer of McNally Financial Services alleged a variety of claims relating to the mishandling of their accounts, including gross negligence, fraud, fraudulent misrepresentation, and aiding and abetting fraud. The customer had sought damages of $845,000 for losses in their portfolio, a refund of commissions paid of $860,000 and $1 million of opportunity cost.
Schultz has been registered with McNally Financial Services since 1/2012. Schultz who was also registered with ILG Securities from 12/2006-5/2018, discloses business affiliations with Investors Life Insurance Company of North America (ILINA) and Barrett Schultz Consulting LLC.
FINRA records of McNally Financial Services Corporation disclose two prior regulatory matters. In 2013 McNally Financial Services Corporation was censured and fined $15,000 for deficiencies in their written supervisory procedures related to the sale of complex, non-conventional products including Steepeners.
If you have questions about an account in an account handled by Barrett O. Schultz , contact us for a no charge consultation to discuss your legal options.
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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