Did you lose money investing with James McKinney (a/k/a Greg McKinney) (CRD# 2100850)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with James McKinney (a/k/a Greg McKinney). If you suffered losses investing with James McKinney (a/k/a Greg McKinney), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of June 19, 2020, James McKinney (a/k/a Greg McKinney)’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
5 Customer Dispute(s)
1 Regulatory Event(s)
UPDATE 6/19/2020: According to FINRA’s May 2020 Disciplinary Actions: James Gregory McKinney (CRD #2100850, Mannford, Oklahoma) March 26, 2020 – An OHO decision became final in which McKinney was barred from association with any FINRA member in all capacities. The sanction was based on findings that McKinney failed to comply with FINRAs requests for information and documents and to appear for on-the-record testimony during the course of its investigation into his possible participation in undisclosed private securities transactions. The findings stated that the investigation later expanded to look into McKinney’s possible failure to disclose tax liens on his Uniform Application for Securities Industry Registration or Transfer forms (Form U4). (FINRA Case #2018057829001)
UPDATE 4/17/2020: According to FINRA’s January 2020 Disciplinary Actions: “James Gregory McKinney (CRD #2100850, Mannford, Oklahoma) November 5, 2019 – McKinney was named a respondent in a FINRA complaint alleging that he failed to comply with FINRA requests for information, documents and on-the-record testimony in connection with an investigation of him for possible violations of FINRA rules. (FINRA Case #2018057829001)”
Current and Previous Registrations
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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