Moors & Cabot, Inc. retails stocks and bonds to individuals. The company also offers investment tools such as cash management accounts, retirement planning, mutual funds, annuities, and professional money management services. Founded in 1890 by John F. Moors and Charles Cabot, Moors & Cabot is one of the nation's oldest independent members of the New York Stock Exchange. With its headquarters in Boston, MA, Moors & Cabot has over 23 branch offices and over 150 registered representatives nationwide.
Moors & Cabot, Inc. is a member of the Financial Industry Regulatory Authority, or FINRA. As a member, they are subject to FINRA laws, which are designed to protect investors. One such law dictates that Moors & Cabot, Inc. are responsible for supervising their brokers to ensure that they are trading in ways that are trackable, ethical, and in the interest of their clients. If an unscrupulous or negligent broker is unsupervised, they will cause losses and damages to their investors. If this is the case, FINRA gives investors the right to hold firms like Moors & Cabot legally liable to provide reparations for their losses.
Moors & Cabot are a relatively smaller firm, especially considering their long history as an institution. As such, they have an easier time supervising their brokers than other firms 10 times their size. However, despite that advantage, Moors & Cabot still face fairly frequent action, much of it from 2005-2012. In 2012, they were fined nearly $50,000 for failing to comply with the Order Audit Trail System (OATS), submitting hundreds of inaccurate or incomplete reports. The OATS is designed to allow FINRA to track a transaction down to the second it occurred. Such accountability is important to the health and accountability of the financial industry.
In addition, Moors & Cabot were fined $165,000 for failing to train officers in Anti-Money Laundering (AML) measures, and failed to implement those measures in any meaningful way. By failing to protect their firm from money laundering practices, they essentially put the entirety of their investors’ assets at risk. In particular, they failed to train their AML Compliance Officer, whose job is to protect the firm from these very things. Brazen lack of oversight and preparation like this is not only risky, it’s completely negligent.
If you’ve suffered significant damages because you invested with Moors & Cabot, Inc., FINRA has given you the right to pursue a claim against the firm directly for the actions of its brokers, even if the broker no longer represents them. However, FINRA will not fight on your behalf – they are a police force for the financial industry, so their aim is enforcement and punishment. That’s where Meyer Wilson steps in. Our investment law attorneys’ sole aim is to recover losses on behalf of the clients we represent. When you work with us, you’re allying yourself with a firm that has the experience and resources to go head-to-head with the largest investment firms in the country. Our history speaks for itself – we reclaimed over $350 million for our clients.
