Patrick Richard McNamara of Florham Park, New Jersey, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint that settled on November 20, 2017 for $16,063.98 in damages supported by accusations that between September of 2011 and July of 2017, McNamara made misrepresentations to the customer concerning investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that McNamara has been identified in six additional customer initiated investment related disputes pertaining to allegations of his improper conduct during the time he was associated with The GMS Group, L.L.C. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
For example, between October 23, 2001, and December 31, 2001, two customer complaints pertaining to McNamara’s conduct were resolved for a total of $56,000.00 in damages based upon accusations that debt security purchases were effected in the customers’ accounts that had not been suitable for the customers. Thereafter, a customer initiated investment related arbitration claim involving McNamara’s conduct was settled for $45,000.00 in damages founded on allegations that McNamara’s activities relating to the customer’s stock portfolio were not supervised. FINRA Arbitration No. 08-04875 (Nov. 23, 2009).
Thereafter, a customer initiated investment related arbitration claim regarding McNamara’s activities was resolved for $60,000.00 in damages supported by accusations that closed end fund recommendations were not appropriate for the customer, and that omissions and misrepresentations had been made concerning the customer’s investments. FINRA Arbitration No. 13-01741 (Apr. 2, 2014). Another customer complaint relating to McNamara’s conduct was settled on June 26, 2016, for $8,438.00 in damages based upon allegations of unsuitable municipal-debt recommendations between July of 2014 and January of 2015.
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