San Antonio's McNally Financial, investment adviser disciplined

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Mcnally Financial أخبار

McNally Financial Services Corp. and investment adviser representative Mark Alan Kemp must make refunds to certain customers as part of a disciplinary order.

State securities regulators have taken disciplinary action against a San Antonio firm and one of its investment advisers after elderly clients were placed in high-risk investments linked to “volatile” stocks. The Texas State Securities Board reprimanded McNally Financial Services Corp. while suspending investment adviser Mark Alan Kemp from doing business for two weeks.

, suspended him for five days and fined him $5,000 for recommending penny stocks. That caused his member firm’s books and records to be inaccurate, according to Fraud claims mount against San Antonio investment adviser Brooklynn Willy, her firm and others Only one of the complaints is pending; the investor is seeking nearly $210,000 in damages. Ten of the complaints were settled for more than $2 million. Another complaint was closed with no action taken. According to the state’s Oct. 14 order, McNally Financial is an independent contractor firm. Most of its registered agents operate as their own business.

 

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