(FINRA Case #2012034389202)
Bernard G. McGee (CRD #1203327, Cazenovia, New York) – A United States Court of Appeals for the Second Circuit Summary Order became final in which McGee was barred from association with any FINRA member in all capacities and ordered to pay $237,643.25, plus interest, in restitution to a customer.
The U.S Court of Appeals for the Second Circuit denied McGee’s petition for review following appeal of an SEC decision.
The sanction was based on findings that McGee willfully failed to inform a customer of the more than $59,000 in commissions that he received in connection with the customer’s purchase of a charitable gift annuity.
The findings stated that McGee made an unsuitable recommendation to the customer when he proposed the customer surrender variable annuities and purchase the charitable gift annuity.
McGee was most recently employed by Independent Financial Group, LLC (CRD#7717). Prior to that McGee was employed by Cadaret, Grant & Co Inc. (CRD#10641) from 2007 to 2012. He was allowed to resign due to allegations.
If you feel you have been misled regarding investing and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.