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Written by 3:56 pm Blog, Current Investigations

FINRA Sanctions McDonald Partners LLC for Private Placement Sales 

FINRA Sanctions McDonald Partner LLC for Private Placement Sales, featured by top securities fraud attorneys, the White Law Group

FINRA Censures and Fines McDonald Partners LLC in connection with Private Placement Investments 

According to The Financial Industry Regulatory Authority (FINRA) on June 22, the regulator censured and fined McDonald Partners LLC $100,000 and ordered it to pay restitution of $170,000 plus interest for alleged rules violations in connection with the sales of private placement investments. 

McDonald Partners LLC (CRD #135414), a broker-dealer based in Cleveland, Ohio, reportedly engages in a general securities business, including the sales of equity securities, mutual funds, variable annuities, and private placements 

According to FINRA, in May 2019, McDonald Partners allegedly approved a private-placement offering to its customers without having first conducted reasonable due diligence of the offering, its terms, and the potential risks it presented to investors. The firm reportedly failed to reasonably consider certain aspects of this offering, including the issuer’s initial financing arrangement and the terms of the offering’s contingency provision.  

McDonald Partners also reportedly failed to specify a date by which the contingency in this offering had to be met and allowed the issuer to use non-bona-fide sales to meet the offering contingency. 

Additionally, for more than four weeks in May and June 2019, the firm allegedly operated a securities business while failing to maintain its minimum required net capital. 

Potential Lawsuits to Recover Financial Losses    

This information is all publicly available and provided to you by the White Law Group.  For a free consultation with a securities attorney, please call the White Law Group at (888) 637-5510.     

To learn more about the firm’s recent claims involving high risk alternative investments, please see: 

Center Street Securities Lawsuit Involves GWG L Bonds and other High-risk Investments 

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 and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.        

 

Tags: , , Last modified: July 11, 2022