Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 15, 2016 indicate that California-based Oppenheimer & Company broker/adviser Malcolm Maclennan has received several customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Maclennan (CRD# 1630655).
Malcolm Maclennan has spent 29 years in the securities industry and has been registered with Oppenheimer & Company in Los Angeles, California since 2010. Previous registrations include Crowell Weedon & Company in Los Angeles, California; Morgan Stanley & Company in Purchase, New York; and Painewebber in Weehawken, New Jersey. He is a registered broker and investment adviser with eighteen US states and territories: Arizona, California, Colorado, Connecticut, the District of Columbia, Georgia, Hawaii, Maryland, Michigan, Nevada, New Jersey, New York, Ohio, Oregon, Texas, Utah, Virginia, and Washington.
According to his BrokerCheck report, Malcolm Maclennan has received four customer complaints.
In 2013 a customer alleged Malcolm Maclennan, while employed at Oppenheimer & Company, over-concentrated the account in unsuitable stocks. The complaint settled in 2014 for $57,500.
In 2009 a customer alleged Malcolm Maclennan, while employed at Crowell Weedon & Company, recommended unsuitable investments. The complaint settled for $59,999.
In 2001 a customer alleged Malcolm Maclennan, while employed at Morgan Stanley DW, churned investments, made margin trades without authorization, and made unsuitable recommendations. The complaint settled in 2002 for $105,000.
In 1995 a customer alleged Malcolm Maclennan, while employed at Painewebber, committed fraud, breached his fiduciary duty, and acted negligently. The complaint settled in 1996 for $10,000.
“Margin” refers to the practice of borrowing funds from one’s broker or investment adviser to purchase a security, with that security itself used as collateral in the transaction. There are many benefits to purchasing securities on margin, chiefly the increase of purchasing power that allows investors to buy more securities without completely paying for them. There are also many risks, chiefly the increase in potential for significant losses. Brokers, investment advisers, and broker-dealer firms who unsuitably recommend investments on margin may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Malcolm Maclennan, you may be able to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. You may have a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.