- November 25, 2019
- McNally Financial Services
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.
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