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Cormac Maughan Has Been the Subject of Two Regulatory Sanctions

Cormac MaughanPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 30, 2017 indicate that New Jersey-based GMS Group broker Cormac Maughan has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Maughan (CRD# 1528683).

Cormac Maughan has spent 31 years in the securities industry and has been registered with The GMS Group in Livingston, New Jersey since 2004. Previous registrations include AG Edwards & Sons in St. Louis, Missouri (1995-2004); Nori Hennion Walsh in Parsippany, New Jersey (1990-1995); and Municipal Investors Service in Newark, New Jersey (1986-1990). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 26, 1986; Series 7 (General Securities Representative Examination), which he obtained on March 21, 1987; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on July 11, 1986. He is a registered broker with 18 US states and territories: Alabama, Arizona, California, Colorado, Connecticut, Florida, Hawaii, Illinois, Iowa, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Texas, Virginia and Washington. He is registered with two self-regulatory organizations: FINRA and the Nasdaq Stock Market.

According to his BrokerCheck report, he has received one customer complaint, one pending customer complaint, and two regulatory sanctions.

In October 2017 a customer alleged Cormac Maughan, while employed at The GMS Group, recommended unsuitable investments in Puerto Rico municipal bonds and breached his fiduciary duty. The customer is seeking unspecified damages in the pending complaint.

In 2005 the State of Illinois sanctioned him in connection to a prior suspension by the New York Stock Exchange. He was issued a fine of $1,5000 and withdrew his application for registration.

In 2004 the New York Stock Exchange sanctioned him following allegations he exercised discretionary power with oral but not written authorization from a customer, recommended and made unsuitable transactions, and engaged in activities inconsistent with just and equitable standards of trade. He was censured and issued a one-month suspension.

In 2000 a customer alleged Cormac Maughan, while employed at AG Edwards & Sons, recommended unsuitable investments and made unauthorized transactions. The complaint settled for $29,000.

If you or someone you know has suffered losses investing with Cormac Maughan, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recoup losses. Fitapelli Kurta accepts every case on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.