Dave McNally: Elder Abuse Complaints Against San Antonio Rep

San Antonio stockbroker Dave McNally (CRD# 839798) has received investor complaints alleging various forms of wrongdoing. Financial Industry Regulatory Authority records show that he is a broker and investment adviser with McNally Financial Services Corporation. He is registered with the firm’s offices in San Antonio, Texas; Tallahassee, Florida; and Flint, Michigan.

The most recent investor complaint disclosed on Mr. McNally’s BrokerCheck report was filed in June 2020. It alleged that as a representative of McNally Financial Services, he breached his fiduciary duty, was negligent in his supervisory duties, and committed elder abuse under California law. In July 2021 the complaint reached a settlement of $300,000. The second complaint disclosed on his BrokerCheck report was filed in July 2018, alleging unauthorized trading, the recommendation of unsuitable investments, breach of fiduciary duty, supervisory failures, churning, breach of contract, elder abuse, and “failure to disclose extent of risk.” This complaint reached a settlement in September 2019 of $300,000. (A “Broker Statement” on the complaint describes it as a “civil family issue” that escalated into the dispute, adding that there are “questions as to the validity of the claim.”)

“Every year, millions of seniors become victims of financial exploitation, resulting in billions of dollars in personal losses,” FINRA states in its resources on senior financial exploitation. FINRA itself has a number of rules designed to prevent elder abuse, in addition to the rules contained in many state codes. If you believe you or someone you know might be a victim of financial elder abuse, you can report the matter to the Department of Justice, or seek the assistance of a qualified investment fraud attorney. 

According to the Financial Industry Regulatory Authority, Dave McNally holds 44 years of securities industry experience. He has been registered with McNally Financial Services in San Antonio, Tallahassee, and Flint since 2002. His past registrations include Titleist Asset Management (San Antonio; 2003), The (Wilson) Williams Financial Group (Dallas, Texas; 2002), NBC Financial (San Antonio; 1999-2002), Frost Brokerage Services (San Antonio; 1993-1999), Great Western Financial Securities Corporation (Northridge, California; 1991-1993), First Affiliated Securities (La Jolla, California; 1990-1991), Eppler Guerin & Turner (Dallas, Texas; 1984-1990), Dean Witter Reynolds (1984), and Merrill Lynch (1978-1983). His credentials include the passage of nine securities industry examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Introducing Broker/Dealer Financial Operations Principal Examination, or Series 28; the Registered Options Principal Examination, or Series 4; the Municipal Securities Principal Examination, or Series 53, the General Securities Principal Examination, or Series 24; and the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8. He holds 45 state licenses. (Information current as of March 30, 2022.)

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