Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Robert James McNamara (CRD # 1207495) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into his use of unauthorized discretion in customer accounts. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. McNamara.
Registration Background for Robert James McNamara
Mr. McNamara first became registered in the securities industry in 1983 and is currently registered with Albany, NY based Cadaret, Grant & Co., Inc. (CRD # 10641). His prior registrations include PML Securities Company (CRD# 4082) from December 1983 to January 1994.
FINRA’s Allegations against Robert James McNamara
FINRA’s investigation led to Mr. McNamara entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on July 1, 2020. According to the AWC, Mr. McNamara consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between August 2017 and August 2018, [Mr.] McNamara exercised discretion without written authorization in 18 customer accounts, in violation of NASD Rule 2510(b) and FINRA Rule 2010”;
- “During that period, [Mr.] McNamara effected at least 90 discretionary trades in 18 customer accounts”;
- “Although the customers knew that [Mr.] McNamara was exercising discretion in their accounts, [Mr.] McNamara did not have prior written authorization to do so from any of the customers”;
- “Cadaret Grant had not approved any of the accounts for discretionary trading”; and
- “By virtue of the foregoing, [Mr.] McNamara violated NASD Rule 2510(b) and FINRA Rule 2010.”
FINRA Sanctions Robert James McNamara
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s July 1, 2020 AWC also indicates that Mr. McNamara consented to the following sanction:
- A suspension from association in all capacities with any FINRA member for a period of 15 days; and
- A $5,000.00 fine.
Robert James McNamara Does Not Have a History of Complaints
A review of FINRA BrokerCheck for Mr. McNamara reveals that he does not have a history of written customer complaints and/or arbitrations.
If you or someone you know has or had a brokerage account with Mr. Robert James McNamara 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.