Allegations include falsifying documents
Douglas William Finlay Jr. is facing an 18-month suspension and fine of more than $15,000 to be paid later, according to FINRA.
According to the disciplinary action documents, Finlay allegedly falsified a customer’s forms by claiming her net worth was more than $1.3 million, when in fact it was about $135,000. On the same form, he allegedly claimed the customer’s income was $150,000 when it was actually $70,000. These alleged falsifications resulted in the firm having inaccurate forms and led to another allegation of recommending an unsuitable transaction.
Finlay did not confirm or deny the findings, but consented to the sanctions leveled against him by FINRA, including a suspension and fine. In addition to the fine, Finlay was disgorged of the $6,639.23 commission he made on the account.
The agreement, which was accepted by FINRA on April 9, allows Finlay to defer the payment of his fine and disgorgement, plus interest, until he reassociates with a member firm following his suspension or requests relief from any statutory disqualification.
Finlay has one prior disclosure from February 2013, which was settled for more than $60,000 after a customer requested damages of $134,000 due to alleged misrepresentation and unsuitable investments.
Finlay, whose father, Douglas William Finlay Sr., was in the securities industry for 37 years, has worked for Cadaret, Grant & Co., Inc. for his entire career. His father worked with the same firm from 1982 until leaving the securities industry in 2008.
If you have found yourself suffering financial loss at the hands of Finlay or any financial adviser, it is essential that you know your legal rights. You may be eligible for loss recovery through securities arbitration, and that is Silver Law Group’s specialty.
Silver Law Group has attorneys practicing nationwide with the appropriate skills and expertise to help you explore your legal options further. With Silver Law Group, you can expect a free consultation with an experienced securities arbitration attorney. Each case is handled on a contingent fee basis; that is, you only have to pay if Silver Law Group wins your case.
If you think pursuing loss recovery may be right for you, contact Silver Law Group today.