Michael Joseph McNulty (also known as Mike McNulty), of Boca Raton, Florida, a stockbroker formerly registered with Raymond James Associates Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought compensatory damages based upon allegations of unsuitable investment advice by McNulty concerning equities transactions when McNulty was associated with Raymond James Associates Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02171 (July 9, 2020).
This is the second dispute in which a customer alleged sales practice violations by McNulty while registered with a securities broker dealer. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim concerning McNulty’s activities was resolved for $350,000.00 in damages based upon accusations that the customer was sold unsuitable investments which had poorly performed. FINRA Arbitration No. 17-01363 (March 1, 2018).
According to the claim, McNulty’s negligence resulted in damages on energy master limited partnerships, real estate investment trusts, unit investment trusts, stocks, certificates of deposit, direct participation program interests, and limited partnership interests. The claim also alleges breach of fiduciary duty, overconcentration, failure to diversify, and omissions pertaining to these transactions.
McNulty was registered with Raymond James Associates Inc. as a stockbroker between June 28, 2005, and June 1, 2018, and registered as an investment adviser representative between June 28, 2005, and June 1, 2018. Since May 29, 2018, McNulty has been registered as a stockbroker and investment adviser representative of Lincoln Financial Advisors Corporation.