Cetera Stockbroker Barred By FINRA In Selling Away Investigation
James Gregory McKinney (also known as Greg McKinney) of Tulsa Oklahoma a stockbroker formerly registered with Cetera Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that the stockbroker neglected to testify or produce documentation for FINRA personnel while subject of an investigation concerning private securities transactions. Department of Enforcement v. James G. McKinney Disciplinary Proceeding No. 2018057829001 (Feb. 27, 2020).
According to the Decision, McKinney became the subject of a FINRA investigation in March of 2018. The investigation focused on whether he engaged in private securities transactions without disclosing them to Cetera Advisors LLC and whether he failed to make required regulatory disclosures.
McKinney was asked by FINRA on July 26, 2019 and on September 9, 2019 to provide testimony in response to FINRA’s concerns about him selling away and his failure to make required disclosures. McKinney neglected to make any appearance in response to those two letters. The Decision stated that on July 12, 2019 and on August 15, 2019, McKinney was asked to provide information and documentation to the regulator in reference to the allegations against him. There was no response furnished by McKinney to any of those letters either.
McKinney was subsequently charged by FINRA Department of Enforcement in a Complaint alleging that he violated FINRA Rules 2010 and 8210 by failing to respond to requests for his information and documentation and by failing to testify. By December 23, 2019, McKinney failed to provide an Answer or a response to the Complaint. FINRA’s Office of Hearing Officers found McKinney to have violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure indicates that McKinney has been identified in three additional customer initiated investment related disputes pertaining to allegations of his misconduct during the period in which the stockbroker was employed by Securian Financial Services Inc. and Cetera Advisors. Specifically, a customer filed an investment related complaint pertaining to McKinney’s conduct in which the customer requested $292,000.00 in damages supported by allegations of McKinney providing bad investment advice to a Securian Financial Services customer resulting in an unsuitable liquidation of the customer’s stock holdings to fund annuity purchases.
Another customer filed an investment related complaint concerning McKinney’s activities where the customer sought more than $5,000.00 in damages founded on accusations of the unauthorized transfers of the customer’s assets by McKinney when he was employed by Cetera Advisors.
Also, McKinney has been identified in a customer initiated investment related complaint where the customer sought $56,370.00 in damages founded on accusations of the stockbroker failing to act in the Cetera Advisors customer’s best interest with regard to purchases of direct participation program interests or limited partnership interests.
McKinney’s registration with Cetera Advisors was terminated as of August 1, 2019.