Former Transamerica Financial Advisor, Michael Mackay, Terminated by Transameria and Barred By FINRA For Refusing To Participate In Investigation Into His Sales Practices
Michael Richard Mackay was a Financial Advisor at Transamerica Financial Advisors in Cincinnati, OH. Michael Mackay has been in the securities industry since 1992 and previously worked at World Group Securities, World Equity Group, WMA Securities and John Hancock.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Mackay was “permitted to resign” from Transamerica in January 2019 following “allegations from two customers that the Representative had referred them to an outside investment opportunity that was not approved by the firm.”
In connection with those allegations, FINRA initiated an investigation, which resulted in a sanction, barring Michael Mackay from the securities industry for failing to “respond to a FINRA request for documents and information as a part of an investigation into allegations that he had referred customers to an outside real estate investment opportunity that his member firm had not approved.
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019061378901%20Michael%20Richard%20Mackay%20CRD%202279775%20AWC%20jm.pdf.
The investigation stems from an April 2019 customer complaint alleging “COMPLAINANT ALLEGED THAT SHE PROVIDED A CHECK TO REP. IN THE AMOUNT OF $300,000 FOR A REAL ESTATE INVESTMETN AND WANTED FUNDS RETURNED TO HER.”
For a copy of Michael Mackay’s CRD, click https://brokercheck.finra.org/individual/summary/2279775.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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