Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are currently investigating advisor Bud McLaughlin Jr. (McLaughlin), currently employed by Century Securities Associates, Inc. (Century Securities) out of Chaska, Minnesota. According to a BrokerCheck report, McLaughlin has been subject to at least one customer dispute, one regulatory action, and one bankruptcy disclosure during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaint against McLaughlin alleges breach of fiduciary duty.
In February 2018 a customer filed a complaint alleging that from 2012 through 2015, McLaughlin breached his fiduciary duty and was negligent in his recommendation of an energy company causing $1,125,000 in damages. The claim was denied.
In August 2017 McLaughlin declared bankruptcy. This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider. In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.