Malcolm Douglas MacLennan of Los Angeles California is a stockbroker formerly registered with Oppenheimer and Co. Inc. who is the subject of a customer initiated investment related written complaint on September 12, 2016 in which the customer sought more than $5,000.00 in damages founded on accusations that the customer’s assets were invested in unsuitable equity investments between June of 2015 and June of 2016.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that MacLennan has been identified in five more customer initiated investment related disputes pertaining to allegations of his misconduct during the period he was associated with Oppenheimer & Co., Inc., Crowell, Weeden & Co., PaineWebber, Inc. and Morgan Stanley DW Inc. Specifically, a customer initiated investment related arbitration claim involving MacLennan’s conduct was settled for $105,000.00 in damages supported by accusations that unsuitable equity transactions were effected in the customer’s account, trades were executed on margin without authorization, and the customer’s investment portfolio had been churned. New York Stock Exchange (NYSE) Case No. 02-01915 (May 29, 2002).
Subsequently, a customer initiated investment related arbitration claim concerning MacLennan’s activities was resolved for $59,999.00 in damages based upon allegations that MacLennan made unsuitable stock and over-the-counter equities recommendations to the customer, failing to consider the customer’s objectives for investing. FINRA Arbitration No. 09-05228 (Aug. 5, 2010).
Then, a customer initiated investment related arbitration claim involving MacLennan’s conduct was settled for $57,500.00 in damages founded on accusations that the customer’s investment portfolio had been over-concentrated in stock positions. FINRA Arbitration No. 13-01888 (Dec. 9, 2014). On November 19, 2015, another customer filed an investment related written complaint that concerned MacLennan’s conduct where the customer requested $6,000.00 in damages supported by allegations that equity transactions were executed in the customer’s account that the customer never authorized.
MacLennan has no longer been employed by Oppenheimer & Co. Inc. since March 27, 2017. He became associated with FSC Securities Corporation on March 16, 2017.
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