Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Michael Mackay. According to his publicly available FINRA BrokerCheck report, Michael Mackay was recently barred from the securities industry.

Michael Mackay worked most recently as an Ohio based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with five different securities firms.

His Registrations

  • John Hancock Distributors (1992-1997)
  • WMA Securities, Inc. (1997-2002)
  • World Group Securities (2002-2005, 2009-2012)
  • World Equity Group (2008-2009)
  • Transamerica Financial Advisors (2012-2019)

The Allegations

Michael Mackay was sanctioned by FINRA in July 2019. The findings in this matter state that he referred customers of his member firm to an outside real estate investment opportunity that had not been approved by the member firm. Due to these allegations, he was terminated from his position at Transamerica Financial Advisors and barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Privately traded securities, that are not traded on any public securities exchanges, need to be approved by a securities broker’s member firm before they are offered to customers. Sometimes, less than scrupulous securities brokers will offer these products to their customers without getting authorization from their member firm because they know that the product they are pitching will not be approved. If a securities broker knows that their firm will refuse a product, then they should know that particular product is unsuitable. Not only has the broker violated the firm’s policy regarding investing customers in unapproved private investments, but they knowingly pitched an unsuitable investment to their customers. However, a securities firm is not absolved from liability simply because the broker forgoes communicating their intent to engage in these private transactions. Securities firms should have the necessary procedures in place designed to adequately supervise brokers and prevent them from engaging in any unauthorized and potentially harmful activities.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Mackay, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.