Daniel I. McCourt, of Aptos, California, a stockbroker formerly associated with Foothill Securities, Inc, has been named in a customer initiated investment related arbitration claim in which customers have collectively requested $220,634.00 in damages based upon allegations that McCourt breached his fiduciary duty, negligently managed customers’ accounts, and converted customers’ funds.
FINRA Public Disclosure reveals that McCourt has been previously subject to five customer initiated investment related arbitration actions. Particularly, on October 18, 2002, a customer filed an investment related arbitration action involving McCourt’s conduct, in which the customer requested $63,325.00 in damages based upon allegations that McCourt effected unsuitable investments in the customer’s account.
Moreover, on December 13, 2002, a customer filed an investment related arbitration claim involving McCourt’s actions, wherein the customer alleged that McCourt failed to effect suitable transactions in the customer’s account. The customer also complained about fees and sales charges associated with mutual funds investments which McCourt positioned.
On March 23, 2012, another customer initiated investment related arbitration claim involving McCourt’s conduct was settled for $155,000.00 in damages based upon allegations that McCourt effected unsuitable transactions in the customer’s account, breached his fiduciary duty to the customer, and committed elder abuse pertaining to McCourt’s recommendations of real estate investment trusts.
Furthermore, on May 23, 2012, a customer initiated investment related arbitration claim involving McCourt’s actions was resolved for $18,000.00 in damages based upon allegations that McCourt was responsible for the customer’s losses associated with a real estate investment trust bankruptcy. On May 12, 2004, another customer initiated investment related arbitration action involving McCourt’s conduct was settled for $25,000.00 in damages based upon allegations that McCourt made misrepresentations to the customer concerning investments, and churned the customer’s account.
McCourt was also fined $50,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a Decision and Order Accepting Offer of Settlement containing findings that McCourt facilitated unauthorized private securities transactions, and furnished false information to a mortgage company concerning a customer. Department of Enforcement v. Daniel Irvin McCourt, No. 2012030670402 (Feb. 8, 2016). McCourt’s conduct was found by FINRA to be violative of Rule 2010, as well as NASD Conduct Rules 2110 and 3040.
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