Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker Nicholas Mcmahan (Mcmahan), currently employed by Cetera Investment Services LLC has been subject to at least one disclosable event. These events include one customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mcmahan’s most recent customer complaint alleges that Mcmahan recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $18,588.00 on August 09, 2021.
Customer purchased non-principal protected structured notes in July, 2018. the notes matured in August, 2021. The structured notes had reached the principal barrier at maturity resulting in a loss to the customer. In a verbal complaint, the customer claims that the rep told him he would receive his money back at maturity. Though the file indicated the product had been appropriately disclosed to the customer at the time of purchase, the Firm determined to resolve the matter amicably.