Meyer Wilson is currently investigating broker Jack McBride for allegations
of unauthorized and unsuitable transactions. McBride has previously been
the subject of five consumer complaints that occurred between 1999 and
2015 for various offenses, including allegations of selling customer unsuitable
investments, over-concentrating accounts, and unauthorized trading. In
September 2017, a sixth complaint was made against him, which is currently
pending in Financial Industry Regulatory Authority (FINRA) arbitration.
McBride has been registered with Wunderlich Securities, Inc. in Birmingham,
Michigan since 2014. From 2009-2014, McBride was registered with Ameriprise
Financial Services, Inc. in Farmington Hills, Michigan. He was terminated
from his position with Ameriprise in 2014 for solicitation of prohibited
securities and violating company policy regarding the settlement of a
customer complaint without notifying his firm.
In November of 2017, FINRA suspended McBride for 40 days and fined him
$12,500. According to
FINRA, McBride allegedly made a mistake in executing requested trades by his
customer. As a result, the customer incurred a margin balance and margin
interest. Instead of escalating the complaint to the proper channels in
his firm, McBride allegedly gave the customer $12,845.86 in checks from
his personal account. FINRA found that McBride also overstated this customer's
account balances in over a dozen emails by as much as $570,000. His suspension
was up mid-December 2017, and he is currently still registered as a financial
advisor with Wunderlich.
Under FINRA rules, firms are required to supervise the activities of brokers
while they are registered with their firms. Investors who suffered losses
due to McBride’s
wrongdoings may be able to hold Wunderlich Securities, Inc. liable for their damages.
If you have suffered investment losses caused by Jack McBride or another
broker, call an investment loss attorney with Meyer Wilson today at 888-390-6491 for a
free case evaluation. The law firm of Meyer Wilson has been handling cases of securities arbitration
and investment-related litigation for clients throughout the U.S. since 1999.