(888) 637-5510

Written by 7:15 pm Blog, Current Investigations

Broker George McCaffrey III, Barred for Selling Away

Broker George McCaffrey III, NTB Financial, Barred for Selling Away, featured by top securities fraud attorneys, The White Law Group

FINRA Reportedly Bars George McCaffrey III after Allegations of Private Securities Sales

Are you concerned about investments with financial advisor George McCaffrey (CRD#: 847377) of Englewood, CO? If so, the securities attorneys at the White Law Group may be able to help you.

According to the Financial Industry Regulatory Authority (FINRA) on June 25, 2021, the regulator has reportedly barred financial advisor George McCaffrey III after he provided FINRA with allegedly false information in connection with a previous investigation.

In September 2018, FINRA allegedly found that McCaffrey purportedly participated in 22 undisclosed private securities transactions in which nine investors, including one firm customer, purportedly purchased $1,775,000 in debt and equity securities. The findings stated that McCaffrey introduced the nine individuals to representatives of a greenhouse building and leasing company so they could invest in the company.

According to FINRA, McCaffrey reportedly reviewed and edited documents relating to the investments, forwarded investment-related documents to the customers, and communicated with the customers about their investments.

Those investors allegedly purchased $1,775,000 in promissory notes of the greenhouse building and leasing company and preferred stock in one of the company’s affiliates. FINRA’s findings also stated that the company purportedly paid $124,250 in commissions to an entity controlled by McCaffrey’s wife. FINRA found that the transactions were not reportedly executed through the firm, and McCaffrey allegedly did not notify his member firm that he would be participating in them, nor did he report it on the firm’s annual compliance questionnaire.

According to his FINRA broker profile, McCaffrey was registered with NTB Financial in Englewood CO for 28 years. He reportedly has three customer complaints on his record. In April a customer filed a complaint alleging McCaffrey “solicited private securities transaction investments in an unregistered company in approximately 2015 (dates unspecified), and NTB Financial supervision failed to detect his outside activity.” The damage amount requested is $220,000 and the lawsuit is pending, according to FINRA.

“Selling Away”

The White Law Group is investigating the liability that McCaffrey’s former employer may have for his actions in regards to his outside business activities.

When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.

If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.

Potential Lawsuits to Recover Financial Losses

If you suffered losses investing with George McCaffrey III, the attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against his employers. For a free consultation, with a securities attorney please call (888) 637-5510.

The foregoing information, which is all publicly available, is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.



Tags: , , , , , , , Last modified: May 31, 2023