Michael Mackay, of Cincinnati Ohio, Barred after He Allegedly Referred Customers to an Unapproved Outside Real Estate Investment Opportunity
Michael Richard Mackay, of Cincinnati Ohio, allegedly referred customers to an outside real estate investment opportunity that his member firm, Transamerica Financial Advisors, Inc., had not approved and which was neither offered nor authorized by the securities broker dealer, according to a Letter of Acceptance, Waiver, and Consent (AWC) under review by investor rights attorney Alan Rosca.
Mackay, in January of 2012, reportedly associated with Transamerica Financial Advisors, Inc., and was registered with FINRA as an Investment Company and Variable Contracts Products Representative, and an Investment Company and Variable Contracts Products Principal, the AWC notes.
Mackay, the AWC notes, became subject of a FINRA investigation after he was terminated from Transamerica Financial Advisors Inc. based upon accusations of Mackay allegedly steering customers towards an unapproved investment which resulted in customers having complained about his activities.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Michael Mackay’s allegedly referring customers to an outside real estate investment opportunity that his member firm, Transamerica Financial Advisors, Inc. Investors who believe they may have lost money in activity related to Michael Mackay’s allegedly referring customers to an outside real estate investment opportunity that his member firm, Transamerica Financial Advisors, Inc. are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Michael Richard Mackay Barred by FINRA after Allegedly Failing to Respond to a Request for Documents as a Part of a FINRA Investigation
Michael Richard Mackay allegedly failed to respond to a FINRA request for documents and information as a part of an investigation into allegations that he had purportedly referred customers to an outside real estate investment opportunity that his member firm had not approved, the aforementioned AWC reports.
Mackay, according to the AWC, was contacted by FINRA for his information and documentation relating to the outside investments, and FINRA stated that Mackay was required to respond to the regulator by March 5, 2019, according to FINRA Rules.
Mackay actually failed to respond to the deadline FINRA imposed, and FINRA personnel subsequently received correspondence from Mackay’s counsel confirming that Mackay acknowledged that he received the request for him to turn over his documentation and information, but that Mackay would not, at any point, comply, the AWC notes.
FINRA ruled that Mackay’s alleged refusal to cooperate to be in violation of FINRA Rules, the AWC reports.
Mackay was subsequently barred in all capacities indefinitely starting on July 5, 2019, the AWC notes. Mackay was also allegedly permitted to resign by Transamerica Financial Advisors, Inc. due to the aforementioned allegations, FINRA states. Mackay was registered at TransAmerica from January 6, 2012 until January 25, 2019, FINRA reports.
Mackay’s FINRA BrokerCheck also reports that this is not the first incident wherein Mackay has been terminated by a securities broker dealer, FINRA reports. Mackay was reportedly terminated by a former employer, World Group Securities Inc., following allegations that Mackay allegedly took part in an unapproved commission sharing arrangement for securities transactions he executed, FINRA notes.
Finally, a customer filed an investment related complaint alleging that Mackay had been provided a $300,000.00 check intended for a real estate investment transaction which was effected outside of Transamerica’s authority, and that the customer was not repaid the money provided to Mackay for that investment, according to Closed-no Action Dispute filed on April 26, 2019.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Mackay’s allegedly referring customers to an outside real estate investment opportunity that his member firm, Transamerica Financial Advisors, Inc. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Michael Mackay’s allegedly referring customers to an outside real estate investment opportunity that his member firm, Transamerica Financial Advisors, Inc. may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
