Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Carlson Files Arbitration Against Marshall Cassedy, Jr. and McNally Financial
On December 7, 2017, Chase Carlson filed a FINRA arbitration against financial advisor Marshall Cassedy, Jr., McNally Financial Services Corporation, David McNally, and Barrett Schultz.
The Statement of Claim filed with FINRA alleges that the Claimants, who are retirees, were taken advantage of by Marshall Cassedy, Jr. and McNally Financial Services Corporation due to excessive trading and high commissions in their accounts.
Prior to McNally Financial hiring Marshall Cassedy, Jr., Cassedy, Jr. had complaints of misconduct against him going back to 1987. He had 17 customer complaints, two employment terminations, and three regulator fines on his record. Of those 17 complaints, 14 resulted in payments (totaling $653,737) to customers, including a $172,149 arbitration award that went to final hearing alleging excessive trading. As late as November 2009, a customer accused Cassedy of “egregious acts of churning.”
On or around July 27, 2005, Cassedy was fined $5,000 and issued a Cease and Desist from the Florida Office of Financial Regulation for “selling of unsuitable securities, violation of Chapter 517.161(1)(H) Florida Statutes and NASD Conduct Rule 2310.” On or around April 9, 2010, Cassedy was fired from Capitol Securities Management, Inc. for “written customer complaints alleging the violation of internal policies and procedures with respect to the handling of customer accounts.” On or around September 9, 2010, Cassedy was fined $12,500 by the Florida Office of Financial Regulation and issued a Cease and Desist for “unauthorized trading, unregistered activity, and caus[ing] the firm to maintain inaccurate books and records.”
If you believe your account may have been mismanaged by Marshall Cassedy, Jr. or McNally Financial Services Corporation, please call Chase Carlson for a free consultation at: 888-976-6111.