The Financial Industry Regulatory Authority (FINRA), has barred MICHAEL RICHARD MACKAY (MICHAEL R MACKAY) CRD#: 2279775, from acting as a broker or otherwise associating with a broker/dealer firm. MacKay was previously registered both as a broker and as an investment advisor.
According to FINRA’s BrokerCheck, MICHAEL R MACKAY was registered with TRANSAMERICA FINANCIAL ADVISORS, INC. of Cincinnati, Ohio, from January of 2012 until January of 2019. MacKay was “permitted to resign,” according to BrokerCheck, from Transamerica Financial Advisors in January of 2019, following allegations that, “The firm received allegations from two customers that the Representative had referred them to an outside investment opportunity that was not approved by the firm.”
MICHAEL R MACKAY has 9 Disclosures on his FINRA CRD report, 4 are Customer Disputes. He had been registered in the securities industry for 22 years.
In August of 2019, a Customer Dispute was settled for $ $235,000.00, following allegations of, “Complainant alleged that she provided a check to Rep. in the amount of $300,000 for a real estate investment and wanted funds returned to her. The outside business activity was not approved by TFA.”
In October of 2019, another Customer Dispute filed against MICHAEL R MACKAY was settled for $425,000.00, following allegations that, “Claimants alleged the representative sold them unsuitable investments including promisory notes, which were sold away from the firm.”
There was another dispute filed in December of 2019 which was closed with no action, and there is a pending dispute filed in January of 2020, requesting $100,000, following the allegations, “Claimants allege the representative sold unsuitable investments, which were sold away from the firm.”
If you have experienced financial losses due to the actions or recommendations of the former TRANSAMERICA FINANCIAL ADVISORS, INC. of Cincinnati, Ohio, broker, MICHAEL R MACKAY, contact Soreide Law Group and speak to a securities lawyer at no cost regarding the possible 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.