A recent investor complaint against Upland, California financial advisor Rene Castro (CRD# 2559410) alleged that he recommended unsuitable GWG L...Read More
Elder Exploitation Claim Against Retirement Designers’ Dale McCarty
Plano, Texas financial advisor Dale McCarty (CRD# 5676607) allegedly engaged in financial elder exploitation, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker with Brokers International Financial Services and an investment advisor with Brokers Financial, doing business as Retirement Designers Financial Group.
Complaint: DPP Investment “Was a Scam”
According to his BrokerCheck report, the investor complaint against Mr. McCarty was filed in September 2022. It alleges that as a representative of Brokers International Financial Services, he recommended a direct participation program was represented as a three-year investment. The complaint alleges additionally that the program “was a scam” and that Mr. McCarty engaged in financial elder exploitation. It seeks unspecified damages estimated to exceed $5,000.
Understanding FINRA’s Elder Financial Exploitation Rules
Securities industry regulators take elder financial exploitation seriously. The qualifying exams brokers must take include a substantial emphasis on how to prevent the exploitation of senior investors. Rules like FINRA Rule 2165 enable firms to take place a temporary hold on a senior customer’s account when they suspect financial exploitation, while FINRA Rule 4512 requires them “to make reasonable efforts to obtain the name of and contact information for a trusted contact person” of a non-institutional customer, someone who serves as a resource to the firm in the customer’s account management. “FINRA views the protection of senior investors, as well as baby boomers who are retired or approaching retirement, as a top priority,” FINRA’s resource for senior investors states. “Of particular concern… is the suitability of recommendations to senior investors, communications targeting older investors, and potentially abusive or unscrupulous sales practices or fraudulent activities targeting senior investors.”
What Is Retirement Designers Financial Group?
FINRA records indicate that Mr. McCarty is the President of Retirement Designers Financial Group. According to the firm’s website, its services include income planning, investment planning, healthcare planning, and more. Mr. McCarty’s profile describes his focus on helping customers achieve their retirement goals. “He is a well-known financial planner in the Dallas/Fort Worth Metroplex with a specialization in retirement planning,” it states. “In addition to helping retirees, Dale has also shared his in-depth knowledge and experience with other retirement specialists across the nation.”
FINRA: McCarty Based in Plano, Texas
According to the Financial Industry Regulatory Authority, Dale McCarty has spent 13 years working as a broker. He is currently based in Plano, Texas, where he is a representative of Brokers International Financial Services. He does business as Retirement Designers Financial Group. (Information current as of November 21, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.