Coastal Stockbroker Sanctioned For ETF Misconduct
Katherine Salome Horgan (also known as Katherine Mary Salome) of Medford Massachusetts a stockbroker currently registered with Coastal Equities Inc. and Heritage Wealth Management Inc. has been fined $40,000.00 and suspended for two months from working as an investment adviser representative based upon allegations that leveraged exchange traded funds including UBXY recommended by the stockbroker failed to be suitable given the customer’s investment profile and caused the customer to incur unwarranted losses. Massachusetts Securities Division Order No. E-2017-0034 (May 21, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Horgan has been identified in three total customer initiated investment related disputes concerning accusations of her misconduct during the time that the stockbroker was employed by Heritage Wealth Management. In particular, on February 7, 2018, a customer initiated investment related complaint concerning Horgan’s activities was resolved for $56,334.00 in damages founded on accusations that when Horgan was employed by Heritage Wealth Management, common and preferred stock transactions were unsuitable in view of the customer’s objectives for investing and tolerance for risk, and the customer experienced undue losses because of the stockbroker.
On February 21, 2018, another customer initiated investment related complaint in reference to Horgan’s conduct was resolved for $40,000.00 in damages based upon accusations that when Horgan was associated with Heritage Wealth Management, unsuitable common or preferred stock transactions had been effected for the customer’s account. Horgan is also referenced in a customer initiated investment related complaint which has been settled on January 4, 2019 for $30,000.00 in damages supported by allegations of bad common or preferred stock transactions which caused the customer to incur losses.
Horgan’s registration with Coastal Equities Inc. has been terminated as of July 18, 2019.