Published on:

Broker Complaints: McNally Financial Services Corporation (CRD# 121196)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Texas-based brokerage and advisory firm McNally Financial Services Corporation (CRD# 121196).

Formed in Texas in 2002, McNally Financial Services Corporation is headquartered in San Antonio, Texas and registered with thirty-two US states and territories. David Dorn McNally is Chief Executive Officer; Barrett Oliver Schulz is Chief Compliance Officer. According to the firm’s BrokerCheck report, McNally Financial Services is the subject of two regulatory sanctions.

In 2013 the Financial Industry Regulatory Authority (FINRA) sanctioned McNally Financial Services following allegations that a “significant portion” of the firm’s business involved the sale of steepeners, which are “complex, non-conventional products.” The firm’s supervisory system was allegedly “not sufficiently tailored to address the unique features and risks involved with these structured products,” and contained no specific procedures beyond defining structured products. According to FINRA, steepeners are usually longer-term notes and certificates of deposit with maturity dates of ten to twenty years. McNally Financial Services was censured and issued a fine of $15,000.

In 2011 the State of Nevada sanctioned McNally Financial Services following allegations the firm engaged in activities that “amounted to paying an unlicensed sales representative in the State of Nevada.” The firm was issued a fine of $2,500.

If you or someone you know has a complaint regarding McNally Financial Services Corporation, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on contingency: we only get paid if and when you collect money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.