Vaughn Lee Andrews-McKay of Shelton Connecticut a stockbroker formerly employed by Pruco Securities has been barred from working as a stockbroker or investment adviser representative founded on accusations that (1) funds had been misappropriated or stolen by the stockbroker from two customers (2) the stockbroker was sanctioned by Financial Industry Regulatory Authority (FINRA) for his misconduct. Connecticut Securities and Business Investments Division Consent Order No. CO-18-8450-S (Mar. 25, 2019).
FINRA Public Disclosure indicates that McKay has been barred from associating with any FINRA member in any capacity supported by findings of customer funds being misappropriated or converted by McKay when he had been employed by Pruco Securities. Letter of Acceptance Waiver and Consent No. 2018058343001 (May 8, 2018).
According to the AWC, customers RK and PM were induced by the stockbroker to write him personal checks which he then deposited in his personal bank account rather than using the funds to care of financial matters for the customers. McKay also wrote checks out to himself from PM’s account without authorization. FINRA found McKay’s conduct violative of FINRA Rules 2010 and 2150(a).
FINRA Public Disclosure reveals that McKay is also referenced in a customer initiated investment related complaint which was settled on October 9, 2018 for $42,264.17 in damages based upon allegations that the customer’s funds were stolen by the stockbroker; and transactions effected in the customer’s account by the stockbroker were not suitable for the customer given the customer’s financial situation when McKay was associated with Pruco Securities.
Pruco Securities discharged McKay on April 12, 2018 based upon accusations that the customer’s funds were misappropriated or stolen; customer account documentation contained unauthorized alterations or forged customer signatures; the stockbroker received an unauthorized gift from a customer; and he engaged in an outside business activity without having disclosed it to the securities broker dealer in violation of the securities broker dealer’s policies.
