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Michael Mackay: FINRA Bars Cincinnati Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Cincinnati, Ohio broker and investment advisor Michael Mackay (CRD# 2279775) barred him after finding he failed to provide information connected with its investigation into whether he referred customers to investments unapproved by his member firm. A former representative of Transamerica Financial Advisors, Mackay was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2019061378901) dated July 2019, Michael Mackay was registered with Transamerica Financial Advisors from January 2012 until his resignation in January 2019. In February 2019, FINRA sent him a request to provide documents and information connected with its investigation into allegations he “referred customers to an outside real estate investment opportunity” which had not been approved by his member firm. FINRA requested a response by March 5, 2019; however, according to FINRA, Mackay did not respond to the February 19, 2019 request, and indicated via counsel in May 2019 that he would not “respond to or produce the documents and information requested at any time.” FINRA found this refusal to constitute violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member in any capacity.
Michael Mackay has received one pending customer complaint listed on his BrokerCheck report. Filed in August 2019, the complaint alleges that as a representative of Transamerica Financial Advisors, he took funds from her for an outside real estate investment; the complaint alleges damages of $300,000.
Michael Mackay’s disclosure records also list two employment separations: specifically, his 2019 resignation from Transamerica Financial Advisors over allegations “from two customers” that he referred them to an unapproved outside investment; and his 2005 discharge from World Group Securities over allegations he was involved in a commission-sharing arrangement with a non-securities registered individual “in connection with the sale of a securities product.”
Michael Mackay is currently not registered as a broker or investment advisor. His employment history includes Transamerica Financial Advisors in Cincinnati, Ohio; World Group Securities in Duluth, Georgia; World Equity Group in Cincinnati, Ohio; WMA Securities in Duluth, Georgia; John Hancock Distributors in Boston, Massachusetts; and John Hancock Mutual Life Insurance Company in Boston, Massachusetts. He currently holds zero state licenses and has passed five securities industry qualification examinations.