McNally Broker Dennis Nakamura Investigated For Possibly Breaking FINRA Rules

Investor Alert! The Financial industry Regulatory Authority (“FINRA”) barred securities broker Dennis M. Nakamura (CRD#: 819626, Moraga, California). Evidently, the securities broker – who worked for McNally Financial Services Corporation from 2010 to 2019 – refused to testify in a FINRA investigation about his investment recommendations. Not only that, but six or more investors brought disputes about him. Here’s what these disclosures mean and what you could do if you invested through Nakamura.

FINRA Bars Dennis Nakamura For Not Testifying In FINRA Suitability Investigation

Effective November 21, 2019, FINRA barred Nakamura as a broker. Namely, Rule 8210 empowers FINRA to investigate brokers who are under suspicion of violating FINRA rules and securities laws. It appears that in 2019, as part of an investigation, FINRA requested that Nakamura testify per Rule 8210. Apparently, Nakamura failed to speak up about his investment recommendations. This prevented FINRA from knowing about the advice he gave to McNally Financial Services clients. Nakamura accepted the imposition of a permanent bar.

Nakamura Allegedly Sells Unsuitable Investments

Evidently, on November 20, 2019, a client of McNally Financial Services filed a lawsuit about Dennis Nakamura. In the claim, the client suggested that Nakamura caused the client to invest in unsuitable investments. It seems that Nakamura failed to consider the client’s risk tolerance, investment objectives, financial needs or other suitability issues. For this reason, McNally Financial Services Corporation opted to settle this matter through making a $165,000 payment to the client on June 16, 2020.

Dennis Nakamura Allegedly Makes Misrepresentations, Breaches Fiduciary Duty

Evidently, a second McNally Financial Services Corporation client took aim at Dennis Nakamura in a FINRA Arbitration Claim. First of all, the client indicated that Nakamura concealed risks on equities and options. Secondly, Nakamura allegedly made unauthorized trades. Thirdly, the securities broker supposedly violated his fiduciary responsibility to the client and churned the client’s account. Finally, the client indicated supervisory failures on McNally Financial Services Corporation’s part. Because of this, McNally paid the client $300,000 on September 6, 2019 as a settlement to this dispute. Notably, Nakamura personally contributed $137,253.99.

Round Hill Securities Client Indicates Nakamura Committed Elder Abuse

Notably, a client of Round Hill filed a lawsuit about Dennis Nakamura’s sales practices at that firm. Nakamura supposedly committed elder abuse and placed his interests before the client’s interests. Not only that, but the client suggested that Nakamura violated FINRA rules and securities laws. Supposedly, Nakamura misrepresented information in connection with the client’s holdings. For this reason, the client received a $19,445 payment from Round Hill as a settlement.

Losses From Broker Dennis Nakamura?

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Have you experienced losses by investing with Dennis Nakamura? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors like McNally Financial Services’ Nakamura.