James McDermott: GCG Advisor Allegedly Violated Securities Law

Oakbrook Terrace, Illinois financial advisor James McDermott (CRD# 2483480) recently received an investor complaint alleging that he violated state securities law. Financial Industry Regulatory Authority records show that the former Raymond James representative is a broker and an investment advisor with Osaic Wealth, doing business as GCG Wealth Management.

Mr. McDermott’s BrokerCheck report discloses one investor complaint. Filed in February 2024, it alleges that as a representative of Raymond James & Associates, he violated Illinois Securities law when conducting securities transactions in the claimants’ account. The pending complaint alleges unspecified damages.

His BrokerCheck report also discloses his termination from Wells Fargo Advisors. Filed in 2011, it states that the firm terminated him in connection with allegations that he violated internal policy by borrowing money from persons who were firm clients.

GCG Wealth Management’s website includes a description of the firm’s history and mission. “At GCG, we strive to find the balance in every area of your financial life, through expected milestones or unanticipated events,” it states. “To provide the highest standard of care possible, our advisors are dedicated to nurturing long-term partnerships. From answering your questions, to providing an objective perspective and building tailor-made strategies, our team strives to help you identify and achieve your most valued goals.”

According to the Financial Industry Regulatory Authority, James McDermott holds 29 years of securities industry experience. Based in Oakbrook Terrace, Illinois, he has been a broker and an investment advisor with Osaic Wealth since October 2023, doing business as GCG Wealth Management. His past registrations include Raymond James & Associates, Oppenheimer & Company, Wells Fargo Advisors, Citigroup Global Markets, and Prudential Securities. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 30 state licenses. (Information current as of February 26, 2024.)

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