Securities Fraud Lawyer Blog
Daniel McCourt suspended two years by FINRA for Private Securities Sales.
In April, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Daniel McCourt of Aptos, California was suspended from association with any FINRA member for two years for his role in a private securities transaction. McCourt submitted an acceptance, waiver and consent letter memorializing the suspension, and a $50,000 fine. The AWC can be found here.
FINRA’s complaint concerned allegations that McCourt engaged in private securities transactions while he was registered with Foothill Securities. The private sales involved promissory notes in McCourt’s outside business, a coffee shop. Foothill had initially approved the outside business, but did not provide the “requisite approval” for McCourt to raise money from clients on the promissory note transactions.
Daniel McCourt’s registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. Daniel McCourt had been registered with Foothill Securities of Santa Clara, CA since 1985.
According to FINRA’s CRD disclosure report, Daniel McCourt has been the subject of six customer complaints and one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.