Daniel McCourt Allegedly Engaged in Private Securities Transactions, Raised $1.3 Million from Eleven Customers

stockbroker fraud attorneyDaniel McCourt, while registered with a FINRA member firm, allegedly participated in private securities transactions without providing prior written notice to his member firm, Foothill Securities, Inc. (Foothill), according to a complaint filed by FINRA’s Department of Enforcement.

FINRA’s Department of Enforcement further alleges that McCourt also provided false information and falsified documents to a mortgage company on behalf of one of his clients at Foothill, according to FINRA’s complaint.  Furthermore, FINRA reports, the false information and falsified documents were allegedly provided to the mortgage company by McCourt to help the client qualify for a home loan.

Therefore, the Peiffer Rosca Wolf investment recovery lawyers Alan Rosca and Joe Peiffer are investigating on behalf of investors in McCourt’s program, and are preparing to take action.

Daniel McCourt Allegedly Accepted Investments in His Undisclosed Outside Business Activity, a Coffee Business, in the Form of Promissory Notes

In or around 1990, McCourt reportedly notified Foothill that he wanted to begin an outside business activity, namely a coffee business. However, beginning on or about May 3, 2005, and continuing until on or about May 29, 2009, McCourt’s outside business allegedly started to accept investments from investors, including Foothill customers, in the form of long-term promissory notes, according to a complaint filed by FINRA’s Department of Enforcement.

The complaint goes on to detail how, since May 3, 2005 and continuing until on or about May 29, 2009, McCourt’s outside business activity has allegedly raised at least $1,294,610.10 through the issuance of the long-term promissory notes. Before participating in the foregoing private securities transactions, McCourt reportedly did not provide proper written notice to Foothill of the proposed investments in his outside business activity through the issuance of the promissory notes, according to FINRA.

Hence, McCourt did not receive the proper approval from Foothill to participate in the aforementioned private securities transactions, and thus violated NASD and FINRA Rules.

Investment Recovery Lawyers Investigating

The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct or in McCourt’s undisclosed business activity program are welcomed to contact the investment rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: Daniel McCourt

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1247 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.