Dennis Masaaki Nakamura, of Moraga, California, a stockbroker registered with McNally Financial Services Corporation, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $165,000.00 in damages based upon allegations that Nakamura made unsuitable investment recommendations to his customers during the period of his association with McNally Financial Services Corporation. FINRA Arbitration No. 19-03335 (June 16, 2020).
FINRA Public Disclosure shows that Nakamura is referenced in six (6) other customer initiated investment related disputes concerning Nakamura’s conduct while associated with securities broker dealers, including Executive Financial Service Inc. On March 18, 1986, a customer initiated investment related civil action involving Nakamura’s conduct was settled for $33,000.00 in damages based upon allegations that Nakamura committed sales practice violations in connection with the recommendation and sale of investments when Nakamura was associated with Executive Financial Service Inc. Civil Action No. C85-3267 TEH.
On September 19, 1994, a complaint involving Nakamura’s conduct was settled for $12,000.00 in damages based upon allegations that Nakamura made unsuitable transactions with regard to the recommendation and sale of over-the-counter equities when Nakamura was associated with First Affiliated Securities.
Nakamura is also referenced in a FINRA securities arbitration claim that was settled for $19,445.00 in damages based upon allegations that Nakamura failed to supervise, exploited the customer, breached a fiduciary duty, defrauded the customer, made misrepresentations, and violated securities laws in connection with the recommendation and sale of investments when Nakamura was associated with Round Hill Securities Inc. FINRA Arbitration No. 99-03226 (July 7, 2000).
On September 6, 2019, a FINRA securities arbitration claim involving Nakamura’s conduct was settled for $300,000.00 in damages based upon allegations that Nakamura made omissions, made unauthorized transactions, made unsuitable recommendations, breached a fiduciary duty, failed to supervise, churned the customer’s account, and exploited the customer relating to the recommendation and sale of equities and options when Nakamura was associated with McNally Financial Services Corporation. FINRA Arbitration No. 18-02354.
FINRA Public Disclosure shows that Nakamura has been barred from associating with any FINRA member in any capacity based upon allegations that Nakamura failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Case No. 2018058820101 (Nov. 21, 2019).
According to the AWC, on October 7, 2019, McNally Financial Services Corporation filed a Uniform Termination Notice for Securities Industry Registration (Form U5) with FINRA, which terminated Nakamura’s association with the firm and FINRA. In 2018, FINRA began an investigation into Nakamura concerning whether he made unsuitable recommendations to customers during the time he was associated with McNally Financial. In connection with FINRA’s investigation, Nakamura was sent a request by FINRA for testimony on September 18, 2019. On October 31, 2019, Nakamura indicated in an email to FINRA staff that he had received FINRA’s request but would not appear for testimony at any time. As a result, Nakamura violated FINRA Rules 2010 and 8210.
Dennis Nakamura was associated with McNally Financial Services Corporation from September 3, 2010 to October 7, 2019.
