Michael Richard Mackay of Cincinnati Ohio a stockbroker formerly employed by Transamerica Financial Advisors Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $620,000.00 in damages founded on allegations that customers had been placed into inappropriate promissory notes which Mackay effected outside the auspices of the securities broker dealer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03099 (Oct. 16, 2019).
FINRA Public Disclosure confirms that another customer filed an investment related arbitration claim concerning Mackay’s conduct in which the customer sought $300,000.00 in damages supported by accusations that through engaging in an undisclosed and unapproved outside business activity while registered with Transamerica Financial Advisors, the customer had been instructed by Mackay to provide him a check for a purported real estate investment, but the customer has not been repaid. FINRA Arbitration No. 19-02288 (Aug. 13, 2019).
Those are the first customer initiated investment related disputes alleging Mackay’s misconduct since the stockbroker was barred from the securities industry by FINRA. Specifically, Mackay has been barred from associating with any FINRA member in any capacity based upon consenting to findings that he failed to cooperate in FINRA’s investigation into allegations of him engaging in outside business activities that Transamerica Financial Advisors Inc. never authorized. Letter of Acceptance Waiver and Consent No. 2019061378901 (July 5, 2019).
According to the AWC, on February 19, 2019, Mackay was instructed by FINRA personnel to provide information and documentation to the regulator in reference to the accusations of him suspiciously referring customers to real estate investment opportunities. Mackay was expected to provide a response to FINRA’s request no later than March 5, 2019 but he failed to respond. FINRA received word from Mackay’s legal counsel that the stockbroker would not be cooperating in the investigation. Mackay’s failure to produce information and documentation for FINRA personnel constituted the violation of FINRA Rules 2010 and 8210.
On January 25, 2019, Mackay was terminated by Transamerica based upon allegations that customers complained about the investment transactions he facilitated away from the firm.
