Bernard G. McGee Barred by FINRA and Ordered to Pay Restitution of $237,643.25

Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, October, 2016.”

Bernard G. McGee (CRD #1203327, Cazenovia, New York)
was barred by FINRA and ordered to pay $237,643.25, plus interest, in restitution to a client. This was based on findings that allegedly McGee willfully failed to inform a client of more than $59,000 in commissions McGee received in connection with the client’s purchase of a charitable gift annuity. Also, McGee made an unsuitable recommendation to the client when he proposed that the client surrender variable annuities and purchase the charitable gift annuity.
The NAC imposed the sanctions following McGee’s appeal of an OHO decision. The NAC also determined that McGee engaged in undisclosed outside business activities, failed to timely update his Form U4, and made misrepresentations on his firm’s annual compliance questionnaires, but the NAC declined to impose additional sanctions on McGee for this misconduct in light of the bar it assessed for his fraud and suitability violations.
McGee has appealed the NAC’s decision to the SEC. The bar the NAC imposed is pending the SEC’s review.
(FINRA Case #2012034389202)
After 32 years in the securities industry, FINRA has permanently barred Bernard McGee from acting as a broker or otherwise associating with firms that sell securities to the public. These are the last two firms he was registered with:
10/2012 - 07/2016 INDEPENDENT FINANCIAL GROUP, LLC - CAZENOVIA, NY
04/2007 - 10/2012 CADARET, GRANT & CO., INC. - CAZENOVIA, NY
If you were a client of Bernard G. McGee, formerly with INDEPENDENT FINANCIAL GROUP, LLC of CAZENOVIA, NY, and suffered losses due to his actions or recommendations, call Soreide Law Group for a no-cost consultation regarding the possibility of recovering your investment losses at:  888-760-6552.
 
Soreide Law Group operates on a contingency basis and represents clients nationwide.