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McNally Financial Services Sanctioned for Supervisory Failures 

McNally Financial Services Sanctioned for Supervisory Failures, featured by top securities fraud attorneys, The White Law Group

FINRA Censures & Fines McNally Financial for Supervisory Failures with Complex Options Trading Strategies 

According to the Financial Industry Regulatory Authority (FINRA), the regulator has censured and fined McNally Financial Services Corporation (CRD#: 121196/SEC#: 8-65388) in connection with the sale of nontraditional exchange traded products. 

From March 2014 through March 2019, McNally Financial allegedly failed to establish and maintain a supervisory system and enforce written supervisory procedures (WSPs) in relation to the sale of nontraditional exchange traded products (NT-ETPs), according to FINRA. The firm also reportedly failed to reasonably supervise a registered representative who recommended complex options trading strategies to customers. McNally was reportedly aware of red flags in the options trading that indicated the trading and strategy may be inconsistent with the customers’ investment profiles but purportedly failed to take reasonable action to investigate these red flags. 

According to FINRA, McNally Financial reportedly consented to the sanctions of a censure and $35,000 fine and will ” revise its WSPs, established and implemented policies, procedures, and internal controls reasonably designed to address the deficiencies identified in this AWC.”  

Free Consultation with a Securities Attorney 

This information is publicly available and provided to you by The White Law Group. 

If you are concerned about your investments with your financial advisor, the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the offices at 888-637-5510. 

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. The firm represents investors throughout the country in claims against their brokerage firms. 

For more information on the firm and its representation of investors, visit www.WhiteSecuritiesLaw.com. 

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Last modified: November 29, 2021