Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Urbin Mckeever (Mckeever), previously associated with Frost Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Mckeever recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $9,950,000.00 on October 19, 2023.
On October 19, 2023, Urbin McKeever (‘McKeever’), was named as third-party defendant in a civil action in the 96th Judicial District Court of Tarrant County, Texas, Cause No. 096-340969-23. This civil action stems from a dispute as to the ownership of an account at Frost Brokerage Services, Inc. (‘FBS’) (the ‘Account’). FBS placed a hold on the Account after conflicting claims of ownership were raised. The lawsuit was originally filed on March 16, 2023, by one of the purported owners of the Account (‘Purported Owner 1’), seeking declaratory relief as to Account’s proper ownership. The complaint was subsequently amended, alleging claims of conversion and theft by the other purported owners of the Account (‘Purported Owner 2’), as well as claims against FBS for wrongfully freezing the account and conspiring with the other defendants to accomplish their alleged conversion/theft. On October 19, 2023, Purported Owner 2 filed its own complaint, making similar allegations of theft against the Purported Owner 1 (the ‘October Complaint’). The October Complaint also alleges that FBS and other Frost-affiliated parties, including McKeever, aided and abetted the alleged theft and fraudulent acts of Purported Owner 1 and breached his fiduciary duties to Purported Owner 2. The case is currently stayed pending a determination of whether the case will be compelled to FINRA arbitration. The Frost-affiliated parties plan to file responses to the complaint allegations if and when the stay is lifted and such responsive pleadings are required of them by the court.