According a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Daniel P. Bailey was accused of recommending unsuitable transactions and investment strategies for clients. In December 2013, he allegedly recommended that a 77 year-old customer invest $125,000 in MCMP, an international business company and privately held shipping company, which was a highly speculative investment. The amount was more than 25 percent of the customer’s net worth and was not a suitable investment. A broker such as Mr. Baily has a duty to only recommend securities that are suitable for investors, by taking into account their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis. For this, Bailey was fined $5,000 and suspended for one month from the industry.
According to his online FINRA BrokerCheck report, Daniel Bailey was registered with HJ Meyers & Co., Schneider Securities, Kirlin Securities, The Concord Equity Group, Capitol Securities Management, and Source Capital Group. He is currently registered with Advisory Group Equity Services in Rochester, New York and has been since March 2017. He has one customer dispute against him. Anyone who suffered investment losses with Daniel P. Bailey is encouraged to call our securities law firm today at 312-332-4200 to speak to an attorney for free. We sue firms like Advisory Group Equity Services in the FINRA arbitration forum on a contingency fee basis in order to recover investment losses. There is no obligation.
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