John Joseph Cahill of Upper Saddle River, New Jersey, a stockbroker registered with Janney Montgomery Scott LLC, has been barred on March 1, 2021, by New Jersey Bureau of Securities. Cahill violated the procedures and policies of Janney Montgomery Scott LLC by failing to disclose a power-of-attorney (POA) relationship. The Bureau found that Cahill’s actions constituted dishonest conduct. Consequently, his investment advisor representative registration was revoked.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally shows that on January 2, 2020, Cahill was permanently barred by FINRA because he refused to provide information and documents and to testify before FINRA personnel. Letter of Acceptance, Waiver, and Consent No. 2019061661601.
Cahill was investigated for possibly converting funds belonging to an elderly individual who was his customer while he was associated with Janney Montgomery Scott LLC. Despite multiple requests from FINRA, Cahill did not produce the required documents and information or appear for testimony. Therefore, he violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure additionally shows that on March 13, 2012, a customer initiated an investment related complaint involving Cahill’s conduct. It was settled for $42,100.00 in damages based on allegations that Cahill made unsuitable recommendations in stocks during the time that Cahill was associated with Morgan Stanley Smith Barney.
Cahill is also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $695,000.00 in damages based on allegations that Cahill breached his fiduciary duties and converted customer funds when Cahill was associated with Morgan Stanley Smith Barney. FINRA Arbitration No. 20-02247 (September 13, 2021).
Cahill was associated with Janney Montgomery Scott LLC in Upper Saddle River, New Jersey, from October 28, 2013, to March 5, 2019.
