Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 27, 2016 indicate that Pennsylvania-based Morgan Stanley broker/adviser Joseph McGinley has been the subject of two customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. McGinley (CRD# 327656).
Joseph McGinley has spent 42 years in the securities industry and has been registered with Joseph McGinley in Philadelphia, Pennsylvania since 2011. Previous registrations include UBS Financial Services in Philadelphia, Pennsylvania (2004-2011); Morgan Stanley DW in Purchase, New York (1978-2004); and Dean Witter & Company (1974-1978). He is a registered broker and investment adviser with 12 US states and territories: California, Colorado, Delaware, Florida, Illinois, Maryland, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, and Vermont.
According to his BrokerCheck report, Joseph McGinley has received two customer complaints and one pending customer complaint.
In August 2015, a customer alleged Joseph McGinley, while employed at Morgan Stanley Smith Barney, misrepresented material facts related to an investment and recommended unsuitable investments. The customer is seeking $70,000 in damages in the pending complaint.
In 1995, a customer alleged Joseph McGinley, while employed at Dean Witter, executed unauthorized trades, breached contract, acted negligently, churned the account, committed fraud, and made unsuitable recommendations. The complaint settled in 1996 for $20,000.
In 1995, a customer alleged Joseph McGinley, while employed at Dean Witter, made unsuitable recommendations, misrepresented material facts, breached his fiduciary duty, and failed to supervise. The complaint settled for $17,500.
According to FINRA rules and federal securities law, financial professionals like Joseph McGinley are prohibited from executing transactions without a customer’s permission or authorization. There are some exceptions, including discretionary accounts and, in some circumstances, margin accounts. Brokers, investment advisers, and broker-dealer firms who effect unauthorized trades may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
FINRA Rule 3110(a)(2) requires broker-dealer firms to assign “an appropriately registered principal(s)” to perform supervisory duties for every type of business the firm conducts. Principals are required to ensure the compliance of individual representatives as well as the firm as a whole. Relevant issues include the representatives’ character and qualifications, outside employment, and regulation of business transactions. Representatives may not engage in outside business activities or securities transactions without providing written notice to their supervising principals. Principals who fail in their supervisory duties may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Joseph McGinley, you may be eligible to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only receive payment if and when you recover money. You might have a limited time to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.