- January 27, 2019
- National Securities Corp.
The Wolper Law Firm is currently investigating claims against Leonard McAbee, a former Financial Advisor at National Securities Corp. in Lombard, Illinois. Leonard McAbee has been in the securities industry since 1990 and has previously worked for three brokerage firms that have since been expelled by FINRA.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Leonard McAbee has been the subject of five customer complaints, alleging sales practice violations, including two pending complaints filed in 2018.
- December 2018—”UNAUTHORIZED TRADING, BREACH OF FIDUCIARY DUTY, NEGLIGENCE.” Alleged damages are $550,000 and the matter remains pending.
- September 2018—”SUITABILITY, MISRPRESENTATION & OMISSIONS.” Alleged damages are $90,000 and the matter remains pending.
- August 2015—”SUITABILITY, BREACH OF FIDUCIARY DUTY, MISREPRESENTATION AND OMISSIONS.” The matter was settled for $15,000.
- August 2013—”FRAUD, BREACH OF FIDUCIARY DUTY,SUITABILITY, CHURNING,EXCESSIVE COMMISSIONS, BREACH OF CONTRACT.” The matter was settled for $77,000.
For a copy of the Leonard McAbee’s CRD, click https://brokercheck.finra.org/individual/summary/2066347#disclosuresSection
In addition to the customer complaints, in 2012, Leonard McAbee was sanctioned by the State of Indiana for “ALLEGATIONS THAT THE RR MADE TRADES IN THE ACCOUNT OF ONE INDIANA RESIDENT ON THE DIRECTION OF A THIRD PARTY, WITHOUT A PROPERLY SIGNED POWER OF ATTORNEY, IN VIOLATION OF 710 IND. ADMIN. CODE 4-10-1(8).” Leonard McAbbee was fined $5,000.
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 firstname.lastname@example.org.