Michael Richard Mackay of Cincinnati Ohio a stockbroker formerly associated with Transamerica Financial Advisors has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations that the customer had been placed into real estate security and insurance products as well as a charitable annuity that all failed to be suitable . Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00203 (Jan. 27, 2020). According to the claim, the investments were sold by Mackay outside of Transamerica’s auspices.
FINRA Public Disclosure reveals that Mackay has been identified in three additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Transamerica. On December 31, 2019, a customer filed an investment related complaint in reference to Mackay’s conduct where the customer sought $427,000.00 in damages based upon accusations that the customer was placed into a real estate fund not offered by Transamerica known as Equity Trust Co. REPF Fund which led the customer to experience losses.
On May 11, 2020, another customer initiated investment related arbitration claim involving Mackay’s conduct was settled for $235,000.00 in damages based upon allegations that the stockbroker had been provided a check from the customer for a bad real estate investment. FINRA Arbitration No. 19-02288. According to the claim, the customer had been sold the investment through Mackay’s outside business which was not authorized through Transamerica.
Mackay has also been identified in a customer initiated investment related arbitration claim which was resolved for $425,000.00 in damages founded on accusations of unsuitable investments being sold to the customer by Mackay. FINRA Arbitration No. 19-03099 (July 9, 2020). The claim alleges that promissory notes were sold by Mackay away from Transamerica.
FINRA Public Disclosure reveals that Mackay has been barred from associating with any FINRA member in any capacity supported by findings of Mackay obstructing an investigation in which FINRA personnel had been reviewing if he engaged in violations of FINRA rules by way of his outside business activities. Letter of Acceptance Waiver and Consent No. 2019061378901 (July 5, 2019).
According to the AWC, Mackay was asked by FINRA personnel on February 19, 2019 for information and documentation relating to the investigation it launched into his activities. The regulator was attempting to confirm whether customers were advised by Mackay to participate in a real estate investment opportunity that Transamerica did not offer to them. Mackay’s legal counsel relayed to FINRA that Mackay received its request but would not be handing information or documentation over at any point. Mackay’s conduct was violative of FINRA Rules 2010 and 8210.
Mackay has been terminated from two securities broker dealers for misconduct. He was discharged by World Group Securities Inc. for a faulty commission sharing arrangement in relation to his securities transactions. He was terminated by Transamerica on January 25, 2019 based upon allegations of customers voicing their complaints about the investments that they purchased through Mackay when he was associated with the securities broker dealer.
