Dennis McNamara Jr. of Bogota, New Jersey, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, was fired on August 24, 2017, based upon McNamara’s failure to make regulatory disclosures to Financial Industry Regulatory Authority (FINRA) about judgments and liens placed against him.
FINRA fined McNamara $5,000.00 and suspended him in all capacities as a result of his failure to make required disclosures; conduct FINRA concluded to be violative of FINRA Rules 2010 and 1122, NASD Rule 2110 and FINRA By-Laws Article V Section 2(c). Letter of Acceptance, Waiver and Consent, No. 2014043613201 (Aug. 7, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that McNamara is the subject of six customer initiated investment related disputes referencing allegations of McNamara’s wrongdoing during the time he was associated with PNC Investments. In particular, on August 2, 2007, a customer filed a written complaint involving McNamara’s conduct, wherein the customer requested $10,229.00 in damages supported by allegations that McNamara made misrepresentations to the customer about the value of the customer’s investments as well as commissions charged to the customer for investing.
On March 23, 2011, a customer filed a written complaint regarding McNamara’s activities, in which the customer requested $20,858.00 in damages based upon allegations that McNamara failed to follow the customer’s instructions by cancelling a mutual funds purchase order. Then, on June 20, 2013, a customer complaint involving McNamara’s conduct was settled for $9,500.00 in damages founded on allegations that McNamara made unsuitable investment recommendations to the customer about switching the customer’s tax deferred annuity holdings with tax free mutual fund investments.
Further, on August 16, 2013, a customer filed an investment related written complaint regarding McNamara’s activities, in which the customer sought $13,000.00 in damages based upon allegations that McNamara caused the customer suffered undue tax liabilities stemming from the inappropriate liquidation of a fixed annuity. On September 11, 2014, another customer complaint regarding McNamara’s conduct was settled for $2,182.36 in damages based upon allegations that McNamara failed to inform the customer about surrender penalties assessed to the customer on liquidating a fixed annuity investment.
Moreover, on November 23, 2015, a customer filed an investment related written complaint involving McNamara’s conduct, accusing McNamara of having misrepresented the terms and conditions of fixed annuity investments, and forging the customers’ signatures on annuity documentation.
McNamara has been associated with eight different broker dealers, three of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Guiliano Law Group
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