Broker Michael McNulty Involved In Disputes Brought By Raymond James Clients
Soreide Law Group provides you with an update regarding the FINRA BrokerCheck disclosures relating to securities broker Michael McNulty, also known as “Mike McNulty” (CRD#: 1493933, Boca Raton, Florida). It appears that McNulty worked for UBS PaineWebber and Raymond James before joining Lincoln Financial Advisors Corporation. Evidently, two clients of Raymond James – McNulty’s employer from 2003 to 2018 – brought disputes alleging sales practice violations. Here’s more on these disclosures.
Raymond James Client Alleges Unsuitable Investments By Mike McNulty
Evidently, a client of Raymond James Associates disputed Mike McNulty’s sales practices. The July 2020 FINRA Arbitration Claim mainly alleges that McNulty recommended unsuitable investments. Supposedly, by following McNulty’s advice, the client experienced losses on equities from 2011 to 2016. It appears that this matter is unresolved.
Raymond James Client Claims Misrepresentation, Breach Of Fiduciary Duty
Notably, a Raymond James client came forward in July 2016 with allegations against Mike McNulty relating to alternative investments. In this July 2016 FINRA Arbitration Claim, the client first alleges negligence and failure to diversify. Supposedly, the securities firm overconcentrated the client's account in risky investments. Allegedly, the broker made unsuitable recommendations and misrepresentations from 2014 to 2016 regarding DPPs, LPs, stocks, UITs, REITs, and MLPs. For this reason, the client asked for $1,000,000 in compensation. Evidently, Raymond James opted to settle this matter by paying the client $350,000.
Losses Through Mike McNulty?
Did you suffer losses because of securities broker Mike McNulty? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that McNulty denies all allegations of sales practice violations.
