Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Arthur Mcquaide (CRD # 4581876) was recently suspended from the securities industry by FINRA’s Department of Enforcement for excessive trading (i.e., churning).
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. McQuaide.
Registration Background for Arthur McQuaide
Mr. McQuaide first became registered in the securities industry in 2003. He was most recently registered with Garden City, NY based Spartan Capital Securities, LLC. (CRD # 146251) from January 2016 to December 2022. His prior registrations include Southeast Investments, N.C., Inc. (CRD # 43035) from February 2014 to January 2016, and Caldwell International Securities (CRD # 104323) from February 2007 to March 2014.
FINRA’s Allegations Against Arthur McQuaide
According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 7, 2023 (No. 2018056490308), Mr. McQuaide consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From March 2016 through January 2020, [Mr.] McQuaide engaged in quantitatively unsuitable trading in the accounts of two customers. McQuaide recommended high frequency trading in the two customer accounts”;
- “[Mr.] McQuaide’s customers relied on his advice and routinely followed his recommendations and, as a result, McQuaide exercised de facto control over the two customers’ accounts”;
- “McQuaide’s trading in these two customer’s accounts was excessive and unsuitable given the customers’ investment profiles”; and
- By virtue of his actions, Mr. McQuaide violated FINRA Rule 2111 regarding suitability, and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.
FINRA Suspends Arthur McQuaide from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s December 7, 2023 AWC also indicates that Mr. McQuaide consented to the following sanction(s):
- A six-month suspension from association with any FINRA member in all capacities.
Arthur McQuaide Has A Prior History of Securities Industry Customer Complaints
In addition to Arthur McQuaide being suspended by FINRA from the securities industry regarding excessive trading (churning), FINRA BrokerCheck for Mr. McQuaide reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On January 28, 2020 a customer-initiated arbitration was commenced against Mr. McQuaide regarding alleged actions that occurred while he was associated with Spartan Capital Securities, LLC. The customer’s allegations included misrepresentation and unsuitable recommendations. The customer further alleged damages in the amount of $92,000.00. On February 2, 2022 the arbitration was settled in the amount of $5,000.00.
Have You Lost Money with Arthur McQuaide?
If you or someone you know has or had a brokerage account with Mr. Arthur McQuaide and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
