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Robert McNamara: Cadaret Grant Advisor Sanctioned for Discretion Use
Albany broker Robert McNamara (CRD# 1207495) has twice been sanctioned by the Financial Industry Regulatory Authority in relation to findings that he exercised discretion without proper authorization. FINRA records show that he is a representative of Cadaret Grant & Company and was recently issued a 30-day suspension from acting as a broker.
According to a Letter of Acceptance, Waiver, and Consent (No. 2020066927501) issued in January 2022, Robert McNamara was registered with Cadaret Grant & Company when, in July 2020, he “effected at least 50 discretionary trades in 44 customer accounts.” The AWC Letter states that his customers were aware that he was exercising discretion in their accounts, but he had not received their written authorization to do so, nor the firm’s approval of the accounts for discretionary trading. The AWC Letter states additionally that he effected the discretionary trades after receiving a prior AWC for unauthorized discretion, but before a suspension resulting from that AWC commenced. He was issued a 30-day suspension and a fine of $5,000.
FINRA records also include that former AWC Letter (No. 2019061646401), issued in July 2020. According to this sanction, Mr. McNamara “effected at least 90 discretionary trades in 18 customer accounts” during a period in which FINRA was examining Cadaret Grant between August 2017 and August 2018. As in the other action, FINRA found that his customers were aware he was exercising discretion, but he had not received their prior written authorization, nor the firm’s approval of the accounts for discretionary trading. He was issued a 15-day suspension and a fine of $5,000.
According to the Financial Industry Regulatory Authority, Robert McNamara holds 38 years of securities industry experience. He has been affiliated with Cadaret Grant & Company in Albany, New York since 1994. His past registrations include PML Securities in Newark, Delaware (1983-1994). His credentials include the passage of four securities industry qualifying exams: 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 20 US states. (Information current as of May 16, 2022.)
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