John Robert McGinnis of Escondido California a stockbroker formerly employed by RBC Capital Markets is referenced in a customer initiated investment related arbitration claim which was resolved for $652,000.00 in damages supported by accusations that between 2009 and 2015: (1) McGinnis sold the customer private placement investments outside the auspices of RBC Capital Markets (2) McGinnis executed transactions that were not suitable for the customer (3) McGinnis failed to provide the customer with the appropriate return on the customer’s investments (4) McGinnis misappropriated the customer’s funds and (5) McGinnis made misrepresentations and omissions to the customer in regard to the investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01320 (Mar. 5, 2018).
FINRA Public Disclosure confirms that McGinnis is referenced in nine more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with RBC Capital Markets and Merrill Lynch. In particular, on September 23, 2003, a customer filed an investment related complaint concerning McGinnis’ activities where the customer sought $150,000.00 in damages supported by accusations that McGinnis placed the customer in over-the-counter technology stocks that were not appropriate for the customer given the customer’s age.
Subsequently, on February 26, 2008, a customer filed an investment related complaint regarding McGinnis’ conduct in which the customer requested unspecified damages founded on allegations that misrepresentations had been made to the customer in reference to the liquidity of auction rate securities that were held in the customer’s account. On September 9, 2009, another customer initiated investment related complaint concerning McGinnis’ activities was settled for $27,781.56 in damages supported by accusations that McGinnis misrepresented annuity information to the customer when the product was purchased by the customer.
On March 21, 2016, a customer filed an investment related complaint concerning McGinnis’ activities where the customer sought $218,550.00 in damages based upon allegations that McGinnis solicited two promissory notes from the customers but the customers had not been fully repaid. Further, on June 2, 2016, a customer filed an investment related complaint concerning McGinnis’ conduct in which the customer requested $25,000.00 in damages founded on accusations that McGinnis steered the customer into purchasing investments that stopped making payments to the customer. Another customer initiated investment related arbitration claim concerning McGinnis’ conduct was resolved for $227,500.00 in damages supported by allegations that McGinnis executed unauthorized transactions in the customer’s account and placed the customer in inappropriate private placements. FINRA Arbitration No. 16-00318 (Dec. 2, 2016).
Thereafter, a customer initiated investment related arbitration claim regarding McGinnis’ activities was settled for $50,000.00 in damages based upon accusations against McGinnis of selling the customer private placement investments that were not appropriate for the customer and soliciting an inappropriate promissory note investment. FINRA Arbitration No. 15-02801 (Jan. 11, 2017). Another customer initiated investment related arbitration claim concerning McGinnis’ conduct was resolved for $25,000.00 in damages founded on allegations against McGinnis of selling away from RBC Capital Markets and effecting unsuitable transactions. FINRA Arbitration No. 16-03409 (July 13, 2017).
Moreover, a customer initiated investment related arbitration claim regarding McGinnis’ activities was settled for $90,000.00 in damages supported by accusations that McGinnis sold the customer promissory notes that did not enable the customer to receive a repayment of the principal or interest. FINRA Arbitration No. 17-00838 (Nov. 20, 2017).
McGinnis’ registration with RBC Capital Markets has been terminated as of September 17, 2015
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