Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Arthur Mcquaide (Mcquaide), previously associated with Spartan Capital Securities, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Mcquaide recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 07, 2023.
Without admitting or denying the findings, McQuaide consented to the sanction and to the entry of findings that he engaged in excessive and quantitatively unsuitable trading in two senior customer’s accounts. The findings stated that McQuaide’s customers relied on his advice and routinely followed his recommendations and, as a result, McQuaide exercised de factor control over their accounts. As a result of McQuaide’s trading, the customers suffered collective realized losses of $190,839, while paying total trading costs of $201,684, including commissions of $160,360.