Former McNally Financial Services Corporation Financial Advisor, Dennis Nakamura, Barred By FINRA After Failing To Cooperate In Investigation Into Alleged Unsuitable Investment Recommendations
Dennis M. Nakamura (CRD # 819626) was a Financial Advisor at McNally Financial Services Corporation in Moraga, CA. Dennis Nakamura has been in the securities industry since 1976 and previously worked at JHS Capital Advisors, Sterling Financial Investment Group, Round Hill Securities, First Affiliated Securities, Smith Barney, Harris Upham & Co., Executive Financial Services, Emmett A Larkin Company and PML Securities Company.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 21, 2019, Dennis Nakamura was barred by FINRA for refusing “to appear and provide on-the-record testimony requested by FINRA in connection to its investigation into whether he violated FINRA rules by making unsuitable investment recommendations to customers while associated with a member firm.”
For a copy of Dennis Nakamura’s FINRA sanction click https://www.finra.org/sites/default/files/fda_documents/2018058820101%20Dennis%20Masaaki%20Nakamura%20CRD%20819626%20AWC%20jm.pdf.
In addition, Dennis Nakamura has been the subject of five customer complaints, including the following allegations:
- July 2018 – “Claimant alleges failure to disclose extent of risk, unauthorized trading, recommending unsuitable investment, breach of fiduciary duty, failure to supervise, churning, breach of contract and elder abuse.” The matter settled for $300,000.
- May 1999 – “FAILURE TO SUPERVISE; ABUSE OF AN ELDER; BREACH OF FIDUCIARY DUTY; BREACH OF THE IMPLIED COVENANT OF GOOD FAITH AND FAIR DEALING; FRAUD, MISREPRESENTATION AND NEGLIGENT MISREPRESENTATION; VIOLATION OF STATE SECURITIES LAWS; NASD RULES OF FAIR PRACTICE AND NYSE RULES.” The matter settled for $19,445.
- July 1993 – “UNSUITABLE TRANSACTIONS.” The matter settled for $12,000.
For a copy of Dennis Nakamura’s CRD, click https://brokercheck.finra.org/individual/summary/819626#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.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures