finra fines


Recently, the Financial Industry Regulatory Authority has indefinitely removed Michael Mackey (CRD#: 2279775) from any future participation in the securities industry. This detail can be confirmed by looking at his BrokerCheck record, which was reviewed on July 23rd. Having spent 22 years in the securities sector and been associated with seven different firms, the prevailing question is, what led to this action?

On March 26th, Michael Mackay, a broker based in Ohio was named in a dispute initiated by a customer, and the complaint in the dispute stated that the customer gave Michael a check on $300,000 to invest in real estate for her. Transamerica Financial Advisors did not approve that outside business activity. This dispute was closed without any action.

However, on July 5 2019, FINRA took a final regulatory action against Michael Mackay which saw him get barred permanently from the securities industry. As stated in his BrokerCheck report, “Mackey gave his consent to the entry of findings and the sanction that he did not submit any document as requested by FINRA and that he had recommended some real estate investment opportunities that were not approved by his firm.”

Let’s not forget that Michael Mackey was also named in four other disclosures the first of which came on the 17th of March 2005, which led to his removal from World Group Securities Inc. after it was alleged against him that he shared commissions with an individual not registered with securities during the sale of a securities product.

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Also in 2011 on the 12th of August, there was an outstanding federal tax lien to the tune of about $39,440.00. Then another outstanding federal tax lien on April 23, 2018, for $10,363.43.

On January 25 2019, he was allowed to tender his resignation from Transamerica Financial Advisors after two customers reported him to the firm that he recommended an investment opportunity that the firm did not approve.

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