INVESTOR ALERT: The Wolper Law Firm Is Investigation Claims Against Two Madison Avenue Securities Financial Advisors—Kevin McCarthy And Christopher Conness
The Wolper Law Firm is currently investigating claims against three Madison Avenue Securities Financial Advisors—Kevin McCarthy and Christopher Conness. If you are a customer of these Financial Advisors at Madison Avenue Securities, please contact the Wolper Law Firm for a free consultation and case evaluation.
Kevin McCarthy has been in the securities industry since the 1980s and has worked for Madison Avenue Securities since 2007 at its location in North Miami Beach, Florida.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), as of July 24, 2018, Kevin McCarthy has nine (9) reported financial disclosures for tax liens and judgments. He also filed for bankruptcy in November 2017. This financial history may be worrisome as it is indicative of poor personal financial management. Financial Advisors with this background may be more susceptible to engaging in sales practice violations, including churning/excessive trading, unauthorized trading and selling away.
In addition, Kevin McCarthy has two reported customer complaints:
- February 2012—Customer alleged “registered representative sold unsuitable investments to her and her husband, as well as her mother.” The matter was settled for $135,000.
- October 2010—Customer alleged “lack of investment suitability” of a recommendation that the customer purchase a real estate investment trust. The matter was settled for $40,000.
Lastly, Christopher Conness has been employed with Madison Avenue Securities since 2017 and previously worked for G.F. Investment Services. Christopher Conness is located in Ft. Lauderdale.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), as of July 24, 2018, Kevin McCarthy has five (5) customer complaints, including two pending complaints, alleging sales practice violations.
- May 2018—“Claimants have alleged that Respondents are responsible for claimants purchase of a note and subsequent losses associated with that investment.” Alleged damages are $150,000 and the matter remains pending.
- March 2018—“Claimant alleges breach of fiduciary duty and negligence related to the recommendation and sale of alternative investments.” Alleged damages are $100,000 and the matter remains pending.
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.
If you or someone you know was a customer Madison Avenue Securities or Financial Advisors Kevin McCarthy or Christopher Conness, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.