ANIEL GORDON MAUGHAN (DANIEL G MAUGHAN, DAN MAUGHAN) CRD#: 2561363, a broker formerly with FINANCIAL WEST GROUP of Los Angeles, California, was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm following allegations of excessive trading and churning in a client’s account.
According to the FINRA report, Daniel G Maughan was named a respondent in a FINRA complaint alleging that he churned and excessively traded a client’s trust account at his member firm. Maughan allegedly exercised control over the client’s trust account and made all investment decisions in it, including what securities to buy and sell, the quantities of the securities to buy and sell, and when each transaction would occur. According to FINRA, Dan Maughan executed trades in the trust account with a principal value of all purchases and sales in excess of $70 million.
FINRA stated that Daniel G Maughan’s churning and excessive trading was allegedly unsuitable and generated commissions and costs totaling approximately $841,000 while causing the account to incur realized and unrealized losses of approximately $812,000. Also, FINRA reported that Maughan allegedly recommended unsuitable trades in the trust account involving options and non-traditional Exchange-Traded Funds (ETFs) and an Exchange Traded Note (ETN).
These trades allegedly occurred from October of 2010 through January of 2015. Daniel G Maughan, according to FINRA, allegedly made approximately 1,648 trades in the client’s trust account.
According to FINRA’s BrokerCheck, Daniel G Maughan, has 6 Disclosures on his CRD report with FINRA. Of the 6 Disclosures, 4 are Customer Disputes from as far back as 2002, all settled with settlement amounts ranging from $46,000 to $550,000.
Daniel G Maughan had been in the securities industry for 19 years and was listed with 5 firms, the most recent listed below:
05/18/2010 – 08/17/2017 FINANCIAL WEST GROUP – LOS ANGELES, CA
02/08/2002 – 05/12/2010 WEDBUSH SECURITIES INC – LOS ANGELES, CA
If you or an elderly family member have suffered losses due to the actions or recommendations of Daniel G Maughan, formerly with FINANCIAL WEST GROUP of Los Angeles, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.