March 2018 – Tallahassee, Florida
According to publicly available records Marshall Royal Cassedy, Jr. , (CRD# 853370) , a stockbroker who is employed by McNally Financial Services, disclose 3 prior final regulatory matters, 17 prior customer disputes, one pending customer dispute and a termination from employment.
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 17-03274, filed in December 2017, a customer of McNally Financial Services alleges a variety of claims relating to the mishandling of their accounts, including gross negligence, fraud, fraudulent misrepresentation, and aiding and abetting fraud. The customer seeks damages of $845,000 for losses in their portfolio and $1 million of opportunity cost.
The prior customer disputes have alleged various causes of action, including:
- unsuitable and unauthorized investments
- excessive investments
- breach of contract
- breach of fiduciary duty
- egregious acts of churning
In one case, NASD Case 04490, an arbitration panel awarded over $172,000 to the customer. Eleven other cases have been settled at amounts ranging from $4,500-$100,000.
In 2010, the Florida Office of Financial Regulation issued a cease and desist and fined Cassedy $12,500 to resolve allegations of unauthorized trading and unregistered activity.
According to FINRA records Cassedy has been registered with McNally Financial Services since 04/2010. Prior to that he was registered with Capitol Securities Management, who discharged him in 4/2010 with the allegations on FINRA records: ” written customer complaints alleging the violation of internal policies and procedures with respect to the handling of customer accounts.”
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 Marshall R. Cassedy, Jr. , 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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