1/21/2016-St. Louis, MO
Rex Securities Law is investigating former Moloney Securities broker John R. McKinstry on behalf of an elderly retired couple.
According to his FINRA brokercheck report, McKinstry was discharged from Moloney Securities in August 2015. The termination comment provided by Moloney Securities states: “Internal review concerning customer complaints and FINRA cause exam”.
This is not the first time McKinstry has been discharged by a broker dealer. In March 2004, he was discharged by Smith, Moore & Co. The termination comment provided by Smith, Moore states: “Violation of company policies & procedures”.
In January 1997 he was ‘permitted to resign” from A.G. Edwards & Sons. In May 1997 he was sanctioned by the State of Missouri who alleged that McKinstry inappropriately used margin for securities purchases in a customer account. In 1998 the New York Stock Exchange sanctioned McKinstry for margin related issues.
McKinstry’s FINRA report indicates that there have been numerous settlements with customers, including:
- 2002-Settlement of $170,000 paid to customer who alleged unsuitablity and churning.
- 1999- Settlement of $54,000 paid to customer who alleged losses of principal
- 1996- Settlement of $63,961 to customer who alleged investment was not suitable based on age of client
We would like to speak with former customers of this broker who may have information helpful to this investigation.
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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