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Broker Complaints: Moors & Cabot (CRD# 594)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Moors & Cabot.

According to the Financial Industry Regulatory Authority (FINRA), Boston-based brokerage/advisory firm Moors & Cabot (CRD# 594) is the subject of numerous customer complaints and regulatory sanctions.

Formed in 1978, Moors & Cabot is headquartered in Boston and registered in 53 US states and territories. Daniel Michael Joyce serves as President and Chief Executive Officer; Michael Charles Braun serves as Executive Vice President and Chief Operating Officer. According to its BrokerCheck report, Moors & Cabot is the subject of 27 regulatory sanctions and 3 customer complaints that evolved into arbitration.

In 2012 FINRA sanctioned Moors & Cabot following allegations the firm improperly transmitted reports to the Order Audit Trail System (OATS). Moors & Cabot was censured and issued a penalty of $30,000.

In 2011 FINRA sanctioned Moors & Cabot following allegations the firm made reports publicly available without properly completing said reports. Moors & Cabot was censured and issued a penalty of $10,000.

In 2010 FINRA sanctioned Moors & Cabot following allegations the firm failed to design and maintain an adequate anti-money laundering compliance program, and further that the firm maintain its net capital at or above minimum requirements. Moors & Cabot was censured and issued a penalty of $165,000.

In 2007 the National Market Securities System sanctioned Moors & Cabot following allegations the firm failed to maintain an adequate supervisory program to ensure compliance with regulations concerning order handling, registration of employees, best execution, anticompetitive practices, trade trade reporting, and other practices. Moors & Cabot was censured and issued a fine of $40,000.

In 2005 a customer alleged Moors & Cabot breached its fiduciary duty, misrepresented an investment, failed to supervise its representatives, and engaged in negligence. The complaint settled for $30,000.

In 2005 the New York Stock Exchange Division of Enforcement sanctioned Moors & Cabot following allegations, among others, the firm failed to maintain reasonable systems for supervision of an employee, and engaged in conduct inconsistent with just and equitable principles of trade. Moors & Cabot was censured and issued a fine of $250,000.

In 2002 the National Association of Securities Dealers (NASD) sanctioned Moors & Cabot following allegations, among others, the firm erroneously reported its role in ten transactions. Moors & Cabot was censured and issued a penalty of $20,500.

In 1993 a customer alleged Moors & Cabot breached its fiduciary duty, misrepresented and sold an unsuitable investment, engaged in negligence, and churned the customer’s account. The complaint settled in 1994 for $334,839.

If you have lost money investing with Moors & Cabot, you may be qualified to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Again, our services cost no money out of pocket. Call 877-238-4175 now to speak to an attorney for free.