George Louis McCaffrey III of Englewood Colorado a stockbroker formerly associated with NTB Financial Corporation has been referenced in a customer initiated investment related complaint on May 14, 2019 in which the customer requested $290,000.00 in damages supported by allegations of the customer being inappropriately advised by McCaffrey to use individual retirement account funds to lend money to a private company according to a promissory note executed during the time that McCaffrey was registered with NTB Financial Corporation.
This is not the first time that McCaffrey has been referenced in a customer initiated investment related dispute concerning accusations of his improprieties in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that McCaffrey is also referenced in a customer initiated investment related complaint which was resolved for $26,500.00 in damages based upon accusations of the customer being defrauded through McCaffrey’s activities while registered with Neidiger Tucker Bruner Inc. The complaint alleges misrepresentation and negligence in regard to Luxor and Northern Gold over-the-counter equities.
On September 10, 2018, McCaffrey was fined $15,000.00 and suspended for eighteen months from associating with any FINRA member in any capacity based on findings of the stockbroker taking part in twenty-two private securities transactions away from his securities broker dealer employer. Letter of Acceptance Waiver and Consent No. 2017056104701.
According to the AWC, between January of 2016 and August of 2017, McCaffrey arranged for investors including a customer of NTB Financial Corporation to invest in a greenhouse building and leasing company. McCaffrey facilitated investors’ transactions by reviewing and editing documentation and by corresponding with the customers regarding investments. FINRA indicated that investors purchased $1,775,000.00 in promissory notes of the greenhouse building and leasing company as well as stock of the company’s affiliate. In return, a company operated by McCaffrey’s wife was paid $124,250.00 in commissions.
FINRA determined that McCaffrey did not indicate to NTB Financial Corporation that he was engaging in these activities. The stockbroker denied having engaged in private securities transactions when completing the compliance questionnaire issued to him by NTB Financial Corporation. FINRA determined that McCaffrey’s conduct was violative of FINRA Rules 3280 and 2010.
McCaffrey’s registration with NTB Financial Corporation has been terminated as of October 30, 2017.