- January 10, 2020
- Janney Montgomery Scott
John Joseph Cahill (CRD # 1240551) was a Financial Advisor at Janney Montgomery Scott in Upper Saddle River, NJ. John Joseph Cahill has been in the securities industry since 1984 and previously worked at Morgan Stanley and Citigroup Global Markets.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), FINRA barred John Cahill from acting as a broker or otherwise associating with a broker-dealer firm for refusing to “provide documents and information and to appear and provide on-the-record testimony requested by FINRA in connection with an investigation into allegations that he commingled and/or converted funds belonging to, and served as power-of-attorney for, an elderly individual who was his customer while he was associated with his former member firm.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019061661601%20John%20Joseph%20Cahill%20CRD%201240551%20AWC%20va%20.pdf.
Janney Montgomery Scott “discharged” John Cahill in connection with these allegations. In August 2013, John Cahill “voluntarily resigned” from Morgan Stanley for “ALLEGATIONS RELATING TO EMPLOYEE’S COMPLIANCE WITH REQUIREMENT TO CONTACT CLIENT PRIOR TO EXECUTING SECURITIES TRANSACTION.”
In addition, John Cahill was the subject of a March 2012 customer complaint alleging, “EXECUTOR OF ESTATE VERBALLY ALLEGED, INTER ALIA, THAT INVESTMENTS IN CLIENT’S ACCOUNT WERE NOT SUITABLE” The matter settled for $42,100.
For a copy of John Cahill’s CRD, click https://brokercheck.finra.org/individual/summary/1240551#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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