Soreide Law Group obtained the following from FINRA’s June 2017 Disciplinary Report:
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. The SEC sustained FINRA’s findings and sanctions following McGee’s appeal of the NAC decision.
These sanctions were based on findings that McGee allegedly willfully failed to inform the client of the more than $59,000 in commissions that he received in connection with the client’s purchase of a charitable gift annuity, and made an unsuitable recommendation to the client when he proposed the client surrender variable annuities and purchase the charitable gift annuity.
The SEC also affirmed FINRA’s findings 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.
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, and the SEC declined review of this aspect of FINRA’s decision.
Bernard G. McGee has appealed the SEC’s decision to the U.S. Court of Appeals for the Second Circuit.
The bar is in effect pending the review.
(FINRA Case #2012034389202)
According to FINRA’s BrokerCheck, Bernard G. McGee , has 9 disclosures on his report, 7 of which are Customer Disputes. McGee has 32 years of experience in the securities industry and was listed with 10 firms, the most recent listed below:
10/22/2012 - 07/18/2016 INDEPENDENT FINANCIAL GROUP, LLC - CAZENOVIA, NY
04/30/2007 - 10/12/2012 CADARET, GRANT & CO., INC - CAZENOVIA, NY
If you were a client of former Independent Financial of Cazenovia, NY broker, Bernard G. McGee, and experienced losses due to his recommendations or actions, callu Soreide Law Group and speak to a securities lawyer regarding your possible recovery of your financial losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis. Let our years of experience work for you.
