Sean McCabe: Network 1 Advisor Faces Negligence Complaint

Hauppage, New York financial advisor Sean McCabe (CRD# 5479643) has received multiple investor complaints alleging that his conduct resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Network 1 Financial Services, having previously been registered with Worden Capital Management.

Mr. McCabe’s BrokerCheck report discloses nine investor complaints. The most recent, filed in June 2024, alleges that as a Network 1 Financial representative, he acted negligently and failed to provide downside protection. The complaint alleges unspecified damages.

A second investor complaint, filed in August 2023, similarly alleges that as a representative of Network 1 Financial, he recommended unsuitable investments, committed fraud, breached contract, was negligent in his supervisory responsibilities, and breached his fiduciary duty. The pending complaint alleges unspecified damages.

A third investor complaint, filed in 2022, alleged that as a representative of Worden Capital Management, he engaged in negligence, executed excessive trades, recommended unsuitable stock products, and breached his fiduciary duty. The complaint reached a settlement of $10,000.

A fourth investor complaint, filed in 2018, alleged that as a Worden Capital representative, he committed fraud, made misrepresentations of material facts, breached contract, and recommended unsuitable investments. The complaint reached a settlement of $17,500. “I was dismissed with prejudice from this arbitration,” he wrote in a statement included with the disclosure. “The firm appears to have ultimately settled this matter for less than its anticipated costs of defense as a matter of economic practicality.”

A fifth investor complaint, filed in 2016, alleged that as a representative of National Securities, he breached his fiduciary duty, misrepresented material facts regarding an investment, and acted negligently. The allegations, in which he denied any wrongdoing, reached a settlement of $210,000.

According to the Financial Industry Regulatory Authority, Sean McCabe holds 15 years of securities industry experience. Based in Hauppage, New York, he has been registered as a broker with Network 1 Financial Services since 2020. His registration history includes Worden Capital Management (Melville, New York; 2015-2020), Four Points Capital Partners (Westbury, New York; 2014-2015), National Securities Corporation (Westbury, New York; 2010-2014), and Woodstock Financial Group (Garden City, New York; 2008-2010). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 34 state licenses. (Information current as of July 30, 2024.)

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