MSC – BD: 1 Regulatory Complaint
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 14, 2019 indicate that Georgia-based brokerage and advisory firm MSC – BD, also known as McIntyre Investments, has received a regulatory sanction in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding MSC – BD (CRD# 142927).
Established in Florida in 2007, MSC – BD is headquartered in Cumming, Georgia and registered with seven US states and territories: California, Florida, Georgia, Illinois, Missouri, New Jersey, and Texas. The firm conducts five types of business: mutual fund retailing, broker or dealer selling variable life insurance or annuity products; broker or dealer selling tax shelters or limited partnerships in primary distributions; private placements; and mergers and acquisitions, investment banking, and the wholesale distribution of financial products to broker-dealer firms and RIA firms. The company is organized as an LLC and its fiscal year ends in December. According to the firm’s BrokerCheck report, MSC – BD has received one regulatory sanction.
In May 2016 FINRA sanctioned MSC – BD in connection to allegations it failed in its supervisory duties in connection to the actions of a registered representative and his banking consulting business operated through the firm, a “finder platform” in which he sought out potential investors for microcap issuers as per an agreement between those issuers and his finder platform. FINRA’s findings state that the firm’s supervisory system and written procedures more specifically were not adequately designed to make sure the representative in question had performed effective due diligence of the issuer clients of the platform prior to making introductions between the clients and potential investors; the system was also allegedly inadequately designed to ensure that investments made in issuers on the platform would be suitable for the investors it found for them. According to FINRA, the firm’s supervisory system ad procedures were not reasonably designed to detect and prevent this individual from causing the firm to be involved in securities transactions that violated securities laws. The firm allegedly did not enforce an “unwritten policy of placing issuer clients of the finder platform on the firm’s restricted list upon the execution of a consulting agreement between the issuer client and the finder platform,” consequently causing the firm to maintain restricted lists concerning the finder platform’s issuer clients. According to FINRA, the firm did not “reasonably investigate or evidence its review” of that individual’s trading conduct as it pertained to issuer clients in the platform in an outside brokerage, which the firm was required to do. Activities the firm allegedly failed to investigate or evidence include “the deposit of a large volume of physical share certificates” and “the immediate sales of the shares” with proceeds wired from the account. In connection with these findings, the firm was censured and issued a fine of $15,000.
If you have lost money investing with MSC – BD, call Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited by law, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.