Christopher Russell McNamee (also known as Christian Russell McNamee) of Miami Florida a stockbroker formerly registered with Dakota Securities International Inc. has been sanctioned by Financial Industry Regulatory Authority (FINRA) on August 17, 2017 supported by allegations of McNamee’s failure to inform the regulator about whether he complied with his obligations to pay a customer arbitration award.
FINRA Public Disclosure confirms that McNamee was subject of a customer initiated investment related arbitration claim in which the customer was awarded $170,000.00 in damages based upon McNamee being found liable on the customer’s claims which included violation of New Jersey laws, federal securities laws and FINRA rules; over-concentration of investments; excessive margin use; churning of the customers investment portfolio; trading on an excessive and unsuitable basis; misrepresentations concerning investments; negligent handling of the customer’s investment account; breach of contractual and fiduciary obligations; and fraud in reference to the securities transactions executed in the customer’s account when McNamee was employed by Dakota Securities International Inc. FINRA Arbitration No. 15-02495 (May 4, 2017).
This is not the first time that McNamee has been sanctioned by FINRA. In particular, McNamee has been barred from associating with any FINRA member in any capacity based upon consenting to findings that McNamee failed to provide information to the regulator after it was requested from him. Case No. 2013035303302 (June 27, 2017). McNamee’s failure to respond initially resulted in his suspension dated April 17, 2017. McNamee was warned in the Notice of Suspension that he had three months to furnish the information FINRA requested or otherwise try to have his suspension terminated on other grounds. McNamee’s failure to respond by the June 26, 2017 deadline resulted in an indefinite bar.
McNamee is also the subject of a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages based upon accusations that the customer had been placed into bad equity investments by McNamee when the stockbroker was associated with Dakota Securities. FINRA Arbitration No. 14-03006 (Feb. 24, 2015).
McNamee’s registration with Dakota Securities International Inc. ceased on March 8, 2016. FINRA Public Disclosure reveals that McNamee has been associated with at least five securities broker dealers which have either been expelled by regulators for violations of federal securities laws or FINRA rules or are otherwise defunct.
