ROBERT JAMES MCNAMARA CRD#: 1207495 and EUGENE JAMES LONG (E J LONG, EUGENE J LONG) CRD#: 2386267, both registered representatives with CADARET, GRANT & CO., INC., were fined $5,000 each and suspended from association with any FINRA member firm in any capacity for 15 business days by FINRA.

FINRA alleged that between August of 2017 and August of 2018, they both exercised discretion without written authorization in multiple clients’ accounts.  According to FINRA,  ROBERT JAMES MCNAMARA effected at least 90 discretionary trades in 18 customer accounts, and there were at least 80 discretionary trades in 64 customer accounts in the case of EUGENE J LONG, who is registered as a general securities principal.

According to FINRA, without admitting or denying FINRA’s findings, EUGENE J LONG consented to the sanctions and to the entry of findings that he allegedly exercised discretion without prior written authorization to do so in client accounts and his member firm had not approved any of the accounts for discretionary trading. FINRA’s findings stated that the customers knew that Long was exercising discretion in their accounts. Long signed a letter of acceptance, waiver and consent on June 25, 2020 in which he agreed to the sanctions.  His suspension will be in affect August 3 – 21, 2020.

Without admitting or denying FINRA’s findings, ROBERT JAMES MCNAMARA consented to the sanctions and to the entry of findings that he allegedly exercised discretion in client accounts without prior written authorization from the clients and without his member firm having approved any of the accounts for discretionary trading. The findings stated that the clients knew that McNamara was exercising discretion in their accounts. McNamara signed a letter of acceptance, waiver and consent on June 15, 2020, agreeing to the sanctions.  His suspension will be August 3 – 21, 2020.

FINRA conducted an examination of CADARET, GRANT & CO., INC. between August of 2017 and August of 2018.  According to FINRA, although the clients knew that ROBERT JAMES MCNAMARA and EUGENE J LONG were exercising discretion in their accounts, the registered representatives allegedly did not have prior written authorization to do so from any of the clients nor did CADARET, GRANT & CO., INC. approve any of the accounts for discretionary trading.

ROBERT JAMES MCNAMARA has been registered with CADARET, GRANT & CO., INC. of Albany, NY since January of 1994.

EUGENE J LONG has been registered with CADARET, GRANT & CO., INC in Blue Bell, Pennsylvania, since January of 1998.

If you’ve experienced investment losses due to the actions or recommendations of ROBERT JAMES MCNAMARA or EUGENE J LONG, both with CADARET, GRANT & CO., INC., contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of you financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.