Churning a brokerage account refers to the excessive buying and selling of securities by a broker for the primary purpose...Read More
Mark Kemp: 6-Figure Complaints Against McNally Financial Advisor
Corpus Christi broker and financial advisor Mark Kemp (CRD# 2057200) has received several pending investor complaints alleging more than half a million dollars in damages. Financial Industry Regulatory Authority records show that he is a representative of McNally Financial Services, doing business as Kemp Financial Services.
The most recent investor complaint listed on Mr. Kemp’s BrokerCheck report was filed in March 2022. It alleges that as a representative of McNally Financial Services, he recommended unsuitable investments in reverse convertible securities. The pending complaint alleges damages of $157,600.
A second pending complaint, filed in July 2021, alleges that as a representative of McNally Financial Services, he violated principles of trade and fair dealing, violated state and federal securities laws, committed fraud, negligently misrepresented material facts, breached his fiduciary duty, and breached contract. The pending complaint alleges damages of $370,006.75.
A third pending complaint, filed in April 2021, alleges common law fraud, fraudulent concealment, negligent misrepresentation, breach of fiduciary duty, and negligence. The pending complaint alleges damages between $100,000 and $500,000.
Mr. Kemp’s BrokerCheck report also discloses seven investor complaints that eventually reached settlements. One such complaint, filed in 2009, alleged unauthorized trading and unsuitable investment recommendations, reaching a settlement of $43,000. Another such complaint, filed in 2009, alleged misleading advice, unauthorized transactions, failure to follow directions, and unsuitable investment recommendations, reaching a settlement of $145,000.
According to the Financial Industry Regulatory Authority, Mark Kemp holds 31 years of securities industry experience. Based in Corpus Christi, Texas, he has been a representative of McNally Financial Services, doing business as Kemp Financial Services, since 2010. His past registrations include Next Financial Group (Corpus Christi, Texas; 2008-2009), Hornor Townsend & Kent (Corpus Christi, Texas; 1999-2008), Mony Securities Corporation (New York City; 1990-1998), and the Mutual Life Insurance Company of New York (New York City; 1990). His credentials include the passage of five securities industry qualifying exams: 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; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is licensed in Arkansas, California, Colorado, Louisiana, Michigan, New Mexico, Oklahoma, South Carolina, Texas, and Washington. (Information current as of May 17, 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.