FINRA Fines and Suspends Pennsylvania Broker for Borrowing Money from Clients

Stuart Anthony Cahill (CRD #2556996, Dallas, Pennsylvania)

was assessed a deferred fine of $10,000 and suspended by FINRA member in any capacity for one year for allegedly borrowing a total of $65,000 from two clients of his firm, contrary to the firm’s WSPs prohibiting borrowing money from customers.

FINRA's findings stated that Cahill failed to make all the payments on the loans, resulting in both customers filing legal actions.

Also, FINRA's findings stated that on the firm’s annual compliance questionnaire, Cahill falsely denied having received a check from a client made payable to him personally, or soliciting or accepting a loan from a customer. In addition, during an investigation by the firm into a client complaint regarding a loan, Cahill falsely denied to the firm as to having borrowed funds from any other customer.

The suspension is in effect from December 15, 2014, through December 14, 2015.

(FINRA Case #2014040300901)

Stuart Anthony Cahill was registered 18 years in the securities industry and was previously registered with the following securities firms:

11/2004 - 03/2013 TRIAD ADVISORS, INC. (CRD# 25803) - FORTY FORT, PA

01/1999 - 11/2004 METLIFE SECURITIES INC. (CRD# 14251) - NEW YORK, NY

01/1999 - 11/2004 METROPOLITAN LIFE INSURANCE COMPANY (CRD# 4095) - NEW YORK, NY

11/1994 - 12/1998 PRUCO SECURITIES CORPORATION (CRD# 5685) - NEWARK, NJ

This summation of information from FINRA's website, "Disciplinary and Other Actions February 2015" ends here.

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