California Broker Barred from FINRA Member Firms for Failing to Provide Testimony for Investigation Alleging Unsuitable Investment RecommendationsWednesday, December 4, 2019
Former general securities representative most recently associated with McNally Financial Services Corporation (McNally) in Moraga, California, Dennis Masaaki Nakamura, consented to a bar from associating with member firms of the Financial Industry Regulatory Authority (FINRA) in all capacities for refusing to appear for on-the-record testimony during an investigation.
According to the Letter of Acceptance, Waiver and Consent (AWC) approved by FINRA Department of Enforcement on November 21, 2019, Nakamura failed to appear for on-the-record testimony during an ongoing investigation regarding a customer complaint alleging unsuitable investment recommendations. By refusing to appear for no-the-record testimony, Nakamura violated FINRA Rules 8210 and 2010.
By signing the AWC, and without admitting or denying the allegations made against him, Nakamura consented to a bar from associating with all FINRA member firms in any capacity.
According to his FINRA BrokerCheck report, Nakamura has been associated with several FINRA member firms since entering into the securities industry in 1976. He was associated with McNally from September 2010 to October 2019. This report reveals that in July 2018, a customer dispute claiming “failure to disclose extent of risk, unauthorized trading, recommending unsuitable investments, breach of fiduciary duty, failure to supervise, churning, breach of contract and elder abuse” was settled for $300,000. Other settled customer disputes date back to the early to late 1990s and alleged failure to supervise, abuse of elder, breach of fiduciary duty, and negligent misrepresentation, among other things.
Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm. If you lost money while investing through your broker and you suspect wrongdoing, you may be able to recover from your broker or the brokerage firm where he was registered. Since 1998, the experienced attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.