Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Paul Mccabe (Mccabe), previously associated with Olympus Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Mccabe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on January 17, 2025.
The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Paul John McCabe, Jr. (“McCabe”) and PMAC Consulting, LLC (“PMAC,” and collectively with McCabe, “Respondents”). In anticipation of the institution of these proceedings, Respondents have submitted an Offer of Settlement which the Commission has determined to accept. The Commission finds that These proceedings arise out of unregistered broker activity by McCabe, conducted through his solely-owned entity, PMAC. Until October 2016, McCabe was a registered representative associated with broker-dealers registered with the Commission. In December 2016, McCabe consented to a permanent bar by the Financial Industry Regulatory Authority (“FINRA”) from acting as a broker or otherwise associating with a registered broker-dealer. From October 2016 through June 2023, McCabe continued to broker securities transactions between holders of shares of stock in private companies that were expected to go public through an initial public offering (“Pre-IPO Shares”) and funds seeking to acquire such Pre-IPO Shares. Between October 2018 and June 2023, McCabe received more than $16 million in transaction-based compensation through PMAC for unregistered broker activity on behalf of several fund clients and nearly 100 sellers. McCabe and PMAC acted as unregistered brokers in violation of Section 15(a) of the Exchange Act in connection with these securities transactions.
