Jack B. McBride of Plymouth Michigan a stockbroker currently registered with B Riley Wealth Management is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $380,000.00 in damages based upon accusations that the stockbroker provided unsuitable investment advice to the B Riley customer concerning exchange traded funds, stocks and over-the-counter equities between 2018 and 2020. FINRA Arbitration No. 20-01543 (June 15, 2020). The claim also alleges that McBride charged the customer excessive commissions and fees on transactions.
McBride has been identified in six additional customer initiated investment related disputes containing allegations of his wrongdoing when employed by Ameriprise Financial Services, Olde Discount Corporation and HR Block Financial Advisors Inc. FINRA Public Disclosure reveals that McBride is the subject of a customer initiated investment related written complaint in which the customer sought more than $5,000.00 in damages supported by accusations that the customer’s instructions were not followed concerning stock transactions.
Another customer filed an investment related complaint concerning McBride’s activities where the customer requested $46,100.00 in damages founded on allegations that unauthorized trades were executed in the customer’s account. McBride is also referenced in a customer initiated investment related written complaint on February 23, 2015 in which the customer sought $4,837,174.00 in damages based upon accusations that the customer’s account had been unsuitably concentrated in exchange traded notes and exchange traded funds while McBride was associated with Ameriprise.
McBride is the subject of another customer initiated investment related FINRA securities arbitration claim which was settled for $100,000.00 in damages supported by allegations that unsuitable advice was provided to the Ameriprise customer regarding precious metals and mining exchange traded funds and stocks. The claim also alleges that the customer was unsuitably placed into inverse-leveraged exchange traded funds. FINRA Arbitration No. 15-01065 (June 2, 2016). A different customer initiated investment related FINRA securities arbitration claim regarding McBride’s conduct was resolved for $290,000.00 in damages founded on accusations of the customer’s account being unsupervised and mismanaged. The claim also alleges inappropriate exchange traded funds and margin-based transactions by the stockbroker at Ameriprise. FINRA Arbitration No. 15-00502 (July 1, 2016).
On November 21, 2018, another customer initiated investment related FINRA securities arbitration claim involving McBride’s activities was settled for $82,000.00 in damages based upon allegations that unsuitable and unauthorized transactions were effected in the customer’s account. FINRA Arbitration No. 17-02543. According to the claim, the Ameriprise customer sustained damages by investing in VXX because of McBride.
FINRA Public Disclosure confirms that McBride has been fined $12,500.00 and suspended for 40 days from associating with any FINRA member in any capacity supported by findings that McBride resolved a customer’s complaint away from Ameriprise, made misleading communications to a customer about non-traditional exchange traded funds, and mismarked order tickets to make it appear as though they were unsolicited. Letter of Acceptance Waiver and Consent No. 2014042223301 (Oct. 9, 2017). The stockbroker’s conduct was violative of FINRA Rules 2010, 2210 and 4511.
