Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Dennis Nakamura (Nakamura), formerly employed by McNally Financial Services Corporation (McNally Financial) has been subject to at least five customer complaints and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Nakamura’s customer complaints allege that Nakamura recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.
In November 2019 FINRA barred Nakamura after finding that Nakamura consented to the sanction and findings that he refused to appear and provide on-the-record testimony requested by FINRA in connection to its investigation into whether he violated FINRA rules by making unsuitable investment recommendations to customers.
In July 2018 a customer complained that Nakamura violated the securities laws by alleging that Nakamura engaged in sales practice violations related to failure to disclose extent of risk, unauthorized trading, recommending unsuitable investments, breach of fiduciary duty, failure to supervise, churning, breach of contract and elder abuse. The claim alleged $491,861 in damages and settled for $300,000.