Marshall Royal Cassedy Jr. of Tallahassee Florida a stockbroker currently registered with McNally Financial Services Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $845,000.00 in damages founded on allegations of (1) breach of fiduciary duty (2) misrepresentation (3) negligence (4) breach of contract and (5) fraud in regard to stock transactions placed in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03274 (Dec. 14, 2017).
FINRA Public Disclosure confirms that Cassedy has been identified in more customer initiated investment related disputes that pertain to accusations of his wrongful conduct while employed with D.E. Frey & Company, Inc., Capital Securities Management, Inc., Western International Securities, Inc., and Merrill Lynch, Pierce Fenner & Smith Inc. In particular, a customer initiated investment related arbitration claim that pertained to Cassedy’s conduct was settled for $78,788.74 in damages based upon allegations that options transactions were executed in the customer’s account that were neither suitable for the customer nor authorized. NASD Arbitration No. 01-05110 (May 28, 2002).
Cassedy was then subject of a customer initiated investment related arbitration claim where a customer was awarded $172,149.00 in damages supported by Cassedy having been found liable on the customer’s claims of violation of Florida Securities Act; failure to supervise; misrepresentation; suitability; and fraud concerning the customer’s stock investments. National Association of Securities Dealers (NASD) Arbitration No. 00-04490 (Jan. 14, 2003).
Thereafter, a customer initiated investment related arbitration claim regarding Cassedy’s conduct was settled for $100,000.00 in damages supported by accusations that Cassedy negligently transacted in the customer’s account, committed fraud, made investment recommendations to the customer that were not suitable, effected unauthorized transactions, breached his fiduciary duties to the customer, and excessively traded and churned the customer’s over-the-counter equity and options portfolio. NASD Arbitration No. 03-00227 (Sept. 22, 2003).
Further, on January 14, 2010, a customer initiated investment related complaint concerning Cassedy’s conduct was settled for $40,000.00 in damages founded on allegations that Cassedy effected mutual fund, equity and certificate of deposit transactions in the customer’s account despite those transactions having been excessive, unauthorized, and unsuitable. Thereafter, a customer initiated investment related civil action involving Cassedy’s conduct was settled for $40,000.00 in damages based upon accusations of the sale of unsuitable securities; churning; breach of fiduciary duty; breach of contract; and fraud relating to mutual fund and equity transactions placed in the customer’s account. Civil Action No. 372009CA004276 (Jan. 27, 2010).
Cassedy is also subject of three regulatory infractions. In particular, Cassedy was fined $5,000.00 and ordered by Florida Office of Financial Regulation to cease and desist executing sales of securities that are not suitable for customers in violation of National Association of Securities Dealers (NASD) Rule 2310 and Fla. Stats. Chapter 517.161(1)(H). Case No. 3488-S-6/02 (July 27, 2005). Subsequently, he was fined $12,500.00 by Florida Office of Financial Regulation based upon allegations that he effected unauthorized trades in a customer’s account, placed transactions during a time that he was not registered and caused McNally Financial Services Corporation to maintain inaccurate records and books. Case No. 0087-SR-5/10 (Sept. 9, 2010).
Cassedy was terminated by Capitol Securities Management Inc. on April 9, 2010 based upon customer complaints alleging that procedures and policies of the firm had been violated by Cassedy and customers’ accounts were inappropriately handled.
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