Michael Donnelly, a former registered representative with Coastal Equities Inc. was barred from the securities industry. He pled guilty to defrauding 13 clients, 10 of whom were older than 65, out of $2 million from 2007 through 2014. The charges were brought by the Securities and Exchange Commission (SEC). Donnelly admitted to never investing the client funds he received in the financial products he told his investors he would buy on their behalf. Instead, he used the money for business and personal expenses like rent, car payments, golf club memberships and private school tuition for his children. He then provided false account statements and trade confirmations to his clients. The SEC filed the charges in the federal district court of Philadelphia and the U.S. Attorney’s Office for the Eastern District of Pennsylvania filed separate criminal charges against him.
Donneally was registered with New England Securities in New York, New York from September 1992 until February 1993, Thomas James Associates in Rochester, New York from April 1993 until February 1994, Marketing One Securities in Portland, Oregon from May 1994 until December 1995, M.H. Meyerson & Co. in Jersey City, New Jersey from December 1995 until March 1996, Keystone Brokerage in Williamsport, Pennsylvania from November 1996 until January 1998, American Investment Services in Oklahoma City from December 1998 until March 2002, The Investment Center in Bedminster, New Jersey from March 2002 until April 2005, First Midwest Securities in Swedesboro, New Jersey from May 2006 until March 2009 and Coastal Equities in Wilmington, Delaware from October 2009 until September 2014. He has two customer disputes against him. He is not licensed within the industry and the Financial Industry Regulatory Authority (FINRA) permanently barred him from the securities industry.
If you invested money with Michael E. Donnelly, please call our securities law firm based in Chicago, Illinois for a free consultation with one of our attorneys. You may be able to bring a case against his former firm, Coastal Equities, for failing to properly supervise him while he worked there. They may be liable for your investment losses. Our number is 312-332-4200 and there is no obligation. We take cases on a contingency fee basis only, which means we do not make money unless you recover. Please call as soon as possible, because time is of the essence in these types of cases.
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