Michael McMahon, of Westbury, New York, a stockbroker with National Securities Corporation, is presently subject to eight customer initiated investment related arbitration claims alleging fraud. The customer disputes, which appear to have been lodged between July 20, 2015, and June 20, 2016, all contain allegations that McMahon made negligent misrepresentations to customers, breached his fiduciary to customers, and committed negligence. Customers have collectively requested millions of dollars in damages as a result of McMahon’s alleged misconduct.
In a another pending customer dispute in July 6, 2015, a customer requested $442,000.00 in damages based upon the allegations that McMahon made unsuitable recommendations to the customer, and misrepresented investments.
FINRA Public Disclosure Records also show that McMahon has also settled six customer disputes. Specifically, on November 7, 2007, McMahon settled a customer dispute for $11,000.00 after he was alleged by the customer to have engaged in the unauthorized short sales of one thousand shares of Wellcare Health Plan, Inc. On April 17, 2009, McMahon settled a customer dispute for $30,000.00 after a customer alleged that he churned the customer’s account and engaged in the unauthorized trading of the customer’s investments.
On September 8, 2009, McMahon settled a customer dispute for $140,000.00 after the customer alleged that McMahon made reckless misrepresentations to the customer, and breached his contract and fiduciary duty to the customer. On October 21, 2014, McMahon settled a customer dispute for $262,500.00 in damages after he was alleged by the customer to have churned the customer’s account and made unsuitable investment recommendations.
On December 18, 2014, McMahon settled another customer dispute for $50,000.00 after the customer alleged that McMahon engaged in unsuitable investment recommendations, breached his fiduciary duty to the customer, and engaged in the unauthorized trading of the customer’s account. On June 23, 2015, McMahon settled a customer dispute for $65,000.00 after the customer alleged that McMahon made misrepresentations, and engaged in unauthorized and excessive trading in the customer’s account.
Since June 2015, McMahon has been associated with Worden Capital Management.
Guiliano Law Group
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