John Joseph Cahill of Upper Saddle River New Jersey a stockbroker formerly registered with Janney Montgomery Scott LLC is referenced in a New Jersey Bureau of Securities Summary Revocation Order in which his stockbroker and investment adviser representative registrations have been revoked based on him violating FINRA rules and the policies of Janney Montgomery Scott. In the Matter of John Joseph Cahill (Mar. 1, 2021).
The New Jersey disciplinary action comes on the heels of Cahill being sanctioned by Financial Industry Regulatory Authority (FINRA). Cahill has been barred from associating with any FINRA member in any capacity based on findings that he failed to cooperate with FINRA’s investigation which was focused on whether Cahill converted a customer’s funds and whether Cahill engaged in unauthorized activities while registered with Janney Montgomery Scott. Letter of Acceptance Waiver and Consent No. 2019061661601 (Jan. 2, 2020).
According to the AWC, FINRA’s investigation commenced following Cahill’s discharge from Janney Montgomery Scott on March 1, 2019. He was investigated at that time by the securities broker dealer for misusing customer funds or commingling funds. He was also probed by Janney Montgomery Scott for possibly having been provided with fiduciary responsibilities for a customer of his at his previous employer.
On November 1, 2019, Cahill was instructed to give FINRA information and documents and to testify in response to the accusations that Janney Montgomery Scott made against him. Cahill refused to respond to those requests. FINRA determined that Cahill violated Rules 2010 and 8210.
Cahill has been identified in two customer initiated investment related disputes containing allegations of his improper actions when associated with Morgan Stanley Smith Barney. FINRA Public Disclosure confirms that a customer initiated investment related complaint involving Cahill’s conduct was settled for $42,100.00 in damages supported by accusations of unsuitable investments for the customer’s Morgan Stanley Smith Barney Account because of Cahill. The complaint alleges damages on Cahill’s stock transactions.
On July 17, 2020, a customer’s estate representative filed an investment related FINRA securities arbitration claim regarding Cahill’s conduct where the representative sought compensatory damages founded on allegations that the customer’s assets were converted. FINRA Arbitration No. 20-02247. The claim alleges that Cahill breached a fiduciary duty to the customer in reference to investment purchases made while Cahill was associated with Morgan Stanley.
The stockbroker’s registration was also terminated by Morgan Stanley Wealth Management based upon accusations of a customer not being contacted by Cahill before he effected a securities transaction.
