Ohio Broker Michael Richard Mackay (CRD#2279775) has been barred by FINRA for failing to comply with a regulatory investigation into alleged outside business activity.
Mackay was employed by Transamerica Financial Advisors, Inc in Cincinnati, Ohio from January 2012 to January 2019. He previously worked for World Group Securities in Duluth, GA from 2009 to 2012.
Alleged Outside Business Activity & FINRA Bar
FINRA’s BrokerCheck database shows Mackay has five regulatory disclosures, including one pending customer dispute, two termination disclosures, and two tax liens.
- Customer Dispute – A pending customer dispute against Mackay filed in April 2019 alleges Mackay engaged in outside business activity while with Transamerica. The client claims to have provided Mackay with $300,000 for a real estate investment which was not approved by Transamerica. The customer is seeking $300,000 in alleged damages.
- Terminations – Mackay was “permitted to resign” from Transamerica Financial Advisors in January 2019 after the brokerage firm received complaints from two clients alleging Mackay had referred them to an outside business opportunity involving real estate investments not approved by the firm. Mackay resigned during Transamerica’s internal review. Mackay has an additional termination disclosure from March of 2005, when he was discharged from World Group Securities over allegations that he engaged in commission sharing for a securities product sale with a non-registered individual.
In February 2019, FINRA regulators requested documents and information from Mackay as part of their investigation into allegations of outside business activity during his time at Transamerica.
A Letter of Acceptance, Waiver and Consent (AWC) accepted by FINRA on July 5, 2019 shows Mackay consented, without admission or denial of findings, to FINRA’s entry that he failed to comply with FINRA investigators, and did not respond to its requests for documents and information. Mackay also consented to being barred from associating with any FINRA member.
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