PATRICK MCGRATH III (CRD# 1251254), also known as Pat McGrath, of Miami, was fined $10,000 and received a four month suspension from FINRA for allegedly borrowing $210,000 from a customer of his firm. His firm’s Written Supervisory Procedures (WSPs) prohibit employees from borrowing funds from a client unless the client is an immediate family member, which was not the case.
McGrath defaulted on the loans and his client filed a lawsuit to recover the funds owed. McGrath had not disclosed the loan to his firm, and according to the FINRA report, McGrath submitted three compliance questionnaires denying that he borrowed funds from a firm client.
PATRICK MCGRATH III is currently registered with the following firm since 02/2014:
NORTHEAST SECURITIES, INC. (CRD# 25996)
600 BRICKELL AVE, SUITE 1550, MIAMI, FL 33131
PATRICK MCGRATH III was previously registered with the following firms:
04/2009 – 01/2014 OPPENHEIMER & CO. INC. (CRD# 249) – MIAMI, FL
07/2003 – 04/2009 WACHOVIA SECURITIES, LLC (CRD# 19616) – CORAL GABLES, FL
05/2001 – 07/2003 PRUDENTIAL SECURITIES INCORPORATED (CRD# 7471) – NEW YORK, NY
07/1990 – 05/2001 UBS PAINEWEBBER INC. (CRD# 8174) – WEEHAWKEN, NJ
05/1984 – 08/1990 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) – NEW YORK, NY
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