Michael Donnelly Allegedly Converted Client Funds, Failed to Cooperate With FINRA
The Peiffer Rosca Wolf investment fraud attorneys are currently reviewing the case of Michael Donnelly, who has been under recent scrutiny from FINRA.
Michael Donnelly, formerly an SEC registered financial advisor employed by Coastal Investment Advisors (CIA) in Wilmington, District of Columbia with over 22 years of experience, was barred by FINRA for allegedly converting customer accounts, and failing to comply with a FINRA investigation, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC) currently being reviewed by attorneys Alan Rosca and Joe Peiffer.
On September 3, 2014, CIA announced that Donnelly, who is no longer with any member firm, had officially been terminated.
Donnelly Allegedly Broke Broker Code of Conduct
FINRA Rules state that they “require a member, a person associated with a member, or a person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically… with respect to any matter involved in the investigation, complaint, examination, or proceeding,” and that FINRA had the inherent right to investigate the records of any member, according to the AWC currently under review by attorneys Alan Rosca and Joe Peiffer.
The AWC details the multiple attempts by FINRA to contact Donnelly, and how he allegedly did not cooperate and provide the requested information.
Investment Fraud Attorneys Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment fraud attorneys often represent investors who lose money as a result of investment fraud, or stockbroker 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 Donnelly’s alleged misconduct may contact the securities 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: Michael Donnelly
Status: INVESTIGATED by Peiffer Rosca.
For brokercheck report and additional info click here!