Close Menu
Free Consultation: 888-976-6111

Jennifer McKay: FINRA Sanctions Merrill Lynch Advisor

The Financial Industry Regulatory Authority recently sanctioned former Glen Rock, New Jersey broker/adviser Jennifer McKay (CRD# 6637784) over allegations she she altered customer documents. Previously a representative of Merrill Lynch, Cramer was issued a three-month suspension and a fine of $5,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2017056524801) dated October 2019, Jennifer McKay was registered with Merrill Lynch as a General Securities Representative from October 2016 until November 21, 2017, when the firm filed notice of her resignation following the firm’s discovery that she participated in “conduct involving alteration of client documents.” According to FINRA’s findings, she altered documents she received from seven firm clients between May 2017 and October 2017. FINRA states that she emailed the client in each instance requesting their signature on “attached blank or partially completed Firm documents,” in some cases telling the client that once they signed the forms and sent them back, she would complete them. “Upon receiving the signed documents,” FINRA states, “McKay altered them by filling in missing information,” and although this information was accurate, McKay “nevertheless submitted the documents as original” to Merrill Lynch. The forms in question concerned an account transfer, a manager selection, a standing letter of authorization, risk disclosures, client approval, and “account preference instructions,” according to FINRA. The AWC Letter states further that when Merrill Lynch “discovered McKay’s misconduct, she falsely claimed that she only altered documents for one client.” FINRA found that this conduct constituted a violation of its rule concerning standards of high commercial honor. As a result of the foregoing alleged conduct, McKay was issued a three-month suspension from associating with any FINRA broker-dealer. She was also ordered to pay a fine of $5,000.

Jennifer McKay is currently not registered with any FINRA member firm. Her previous registrations include Merrill Lynch in Glen Rock, New Jersey, where she was registered from October 2016 until November 2017. She has passed three securities industry qualifying examinations: Uniform Combined State Law Examination, or Series 66, obtained on February 3, 2017; Securities Industry Essentials Examination, or SIE, obtained on November 21, 2017; and General Securities Representative Examination, or Series 7, obtained on October 4, 2016. She currently holds no state securities licenses. (Information current as of April 23, 2020.)

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Jack Terzi: Churning Complaint Against Ex-Aegis Advisor

    Levittown financial advisor Jack Terzi (CRD# 7008502) recently received an investor complaint alleging he engaged in unauthorized trading and other...

    Read More
  • Mary Murphy: $350K Complaint Against Former Schwab Advisor

    A recent investor complaint against former Nashua, New Hampshire financial advisor Mary Murphy (CRD# 5256679) alleges that her advice led...

    Read More
  • Did Aegis Advisor Frank Giacalone Churn Investments?

    A recent investor complaint against Melville, New York financial advisor Frank Giacalone (CRD# 4314174) alleges unauthorized trading and other forms...

    Read More
  • Paul Gomperz: Ex-National Securities Advisor Faces GWG Complaint

    Liverpool, New York financial advisor Paul Gomperz (CRD# 224867) allegedly recommended an unsuitable GWG L bond, according to a recent...

    Read More
  • Previous
  • Next