Leonard McAbee: $1.3MM Complaint Against National Securities Rep

Former Lombard, Illinois broker Leonard McAbee (CRD#: 2066347) recently received a pending customer complaint alleging his investments recommendations resulted in seven-figure losses. According to records provided by the Financial Industry Regulatory Authority (FINRA), McAbee was most recently registered with National Securities Corporation.

Leonard McAbee’s BrokerCheck report currently lists five settled investor complaints and one pending investor complaint against him.

The most recent complaint was filed in October 2020. It alleges that as a representative of National Securities Corporation, Leonard McAbee recommended an unsuitable private placement investment. The pending complaint alleges damages of $1,315,000.

A 2018 complaint alleged that as a representative of National Securities Corporation, Leonard McAbee engaged in unauthorized trading, breached his fiduciary duty to act in the customer’s best interests, and acted negligently. In 2020 the complaint reached a settlement of $275,000.

Another 2018 complaint alleged that as a representative of National Securities Corporation, Leonard McAbee recommended unsuitable investments in over-the-counter equities and misrepresented and omitted material facts related to the investments. The complaint reached a 2020 settlement of $20,000.

A 2015 complaint alleged that as a representative of National Securities Corporation, he breached his fiduciary duty, misrepresented and omitted material facts, and made unsuitable investments involving real estate securities. The complaint reached a settlement of $17,500.

A 2013 complaint alleged that as a representative of National Securities Corporation, he committed fraud, breached his fiduciary duty, churned investments, charged excessive commissions, and breached contract with regard to investments in common and preferred stock. In 2017 the complaint reached a settlement of $77,000.

A 2011 complaint alleged that as a representative of National Securities Corporation, he misrepresented material facts and executed unauthorized trades. The complaint reached a settlement of $13,150.

According to Financial Industry Regulatory Authority records, Leonard McAbee is not currently registered as a broker or investment adviser. His prior registrations include National Securities Corporation in Lombard, Illinois; Barron Chase Securities in Boca Raton, Florida; HJ Meyers & Company in Rochester, New York; Merrill Lynch in New York, New York; LC Wegard & Company in New York, New York; and Hibbard Brown & Company in New York, New York. He has passed six securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the National Commodity Futures Examination, or Series 3; the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds zero state securities licenses. (Information current as of July 14, 2021.)