Michael Richard Mackay of Cincinnati Ohio a stockbroker formerly registered with Transamerica Financial Advisors Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Mackay failed to comply with a FINRA investigation concerning allegations of Mackay having referred customers of Transamerica Financial Advisors to real estate investments which were neither offered nor authorized by the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019061378901 (July 5, 2019).
According to the AWC, Mackay became subject of a FINRA investigation after he was terminated from Transamerica Financial Advisors Inc. based upon accusations of Mackay steering customers towards an unapproved investment which resulted in customers having complained about his activities. The AWC stated that Mackay was contacted by FINRA for his information and documentation relating to the outside investments. FINRA stated that Mackay was required to respond to the regulator by March 5, 2019 according to Rule 8210.
Evidently, there was no response made by Mackay by the deadline FINRA imposed. FINRA personnel subsequently received correspondence from Mackay’s counsel confirming that Mackay acknowledged that he received the request for him to turn over his documentation and information, but that Mackay would not, at any point, comply. FINRA found Mackay’s disinclination to cooperate to be violative of FINRA Rule 2010 and 8210.
FINRA Public Disclosure confirms that this is not the first time Mackay has been terminated by a securities broker dealer. Indeed, Mackay was discharged by former employer, World Group Securities Inc., supported by allegations of Mackay taking part in an unapproved commission sharing arrangement for securities transactions he executed.
Additionally, a customer filed an investment related complaint concerning Mackay’s activities in which the customer requested $300,000.00 in damages founded on accusations that Mackay had been provided a $300,000.00 check intended for a real estate investment transaction which was effected outside of Transamerica’s auspices but the customer was not repaid the money provided to Mackay for that investment.
