Christopher Russell McNamee, of Miami, Florida, a stockbroker formerly registered with Dakota Securities International, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide a response to FINRA staff’s request for information relating to McNamee’s business activities. Letter No. 2013035303302 (Apr. 24, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that McNamee has been identified in three customer initiated investment related disputes containing allegations of his misconduct while employed with Dakota Securities International. In particular, on March 10, 2015, a customer initiated investment related arbitration claim involving McNamee’s conduct was settled for $50,000.00 in damages based upon allegations that he effected unsuitable stock transactions in the customer’s investment account.
Subsequently, on May 4, 2017, a customer was awarded $170,000.00 in damages according to an investment related arbitration claim concerning McNamee’s activities, based upon allegations that McNamee over-concentrated the customer’s investments, improperly utilized the customer’s margin, placed trades in an excessive manner, churned the customer’s account, effected unsuitable investment transactions, made misrepresentations to the customer, negligently managed the customer’s investment portfolio, breached his fiduciary and contractual duties to the customer, and committed fraud in reference to over-the-counter equity and options transactions effected in the customer’s account. The customer additionally alleged that Dakota Securities International failed to adequately supervise McNamee’s conduct concerning the customer’s investment account transactions.
McNamee’s registration with Dakota Securities International was terminated on March 8, 2016. Since January 1, 2001, he has been associated with ten different broker dealers, eight of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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