FINRA Reportedly Bars Broker Eugene McAdams after Allegations of Unsuitable Investment Recommendations
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred financial advisor EUGENE ARTHUR MCADAMS (CRD#: 419021) after he reportedly refused to provide on-the-record testimony requested by FINRA in connection with its investigation into the alleged suitability of his recommended securities transactions in customers’ accounts while registered with his member firm.
McAdams reportedly has two customer complaints that were settled, according to his broker profile. Allegations include “excessive and unnecessary trading on margin; elder abuse; false and misleading statements; fraud; negligent misrepresentation; breach of fiduciary duty,” and “unauthorized transactions.”
According to FINRA, Eugene McAdams was reportedly affiliated with the following firms, among others:
09/24/2015 – 06/17/2020, JOSEPH STONE CAPITAL L.L.C. (CRD#:159744), CENTER MORICHES, NY
07/12/2012 – 09/23/2015, CAPE SECURITIES INC. (CRD#:7072), LAKE GROVE, NY
06/23/2010 – 07/11/2012, PHD CAPITAL (CRD#:38785). NEW YORK, NY
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities claims involving Eugene McAdams and the liability his employers may have for failure to properly supervise his activities.
When brokers abuse client accounts or conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Eugene McAdams, the attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against his former employers. For a free consultation, with a securities attorney please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.