James McKinney, Former Cetera Advisors Broker, Barred By FINRA

James McKinney is a barred broker who was last registered with Cetera Advisors in Tulsa, Oklahoma. McKinney’s record shows that in 2019 he was barred from associating with a FINRA member firm after he failed to comply with FINRA requests for information. Customer disputes on McKinney’s record allege misrepresentation, breach of fiduciary duty, and negligence.

Before working for Cetera Advisors LLC (CRD# 10299) starting in 2012, McKinney was previously registered with Securian Financial Services, Inc. (CRD# 15296). He had been in the industry since 1991.

James McKinney Disclosures

James McKinney (James Gregory McKinney, Greg McKinney, CRD# 2100850) is the subject of 9 disclosures on his publicly-available FINRA BrokerCheck report, including 5 customer disputes, 3 judgment/liens, and 1 regulatory disclosure:

March, 2020: A customer dispute “alleges that RR misrepresented REIT investments and made securities recommendations to generate commissions from 2013 through 2019.” The dispute was settled for $29,593.

March, 2020: A customer dispute alleged “Violation of common law fraud, breach of fiduciary duty, and negligence.” $500,000 in damages are requested. The dispute is pending as of this writing.

November, 2019: A regulatory disclosure states that McKinney was indefinitely barred in all capacities. According to the regulator statement “The sanction was based on findings that McKinney failed to comply with FINRAs requests for information and documents and to appear for on-the-record testimony during the course of its investigation into his possible participation in undisclosed private securities transactions. The findings stated that the investigation later expanded to look into McKinney’s possible failure to disclose tax liens on his Form U4. The decision became final March 26, 2020.”

February, 2018: A tax type judgment/lien disclosure is listed in the amount of $22,695.

June, 2017: A tax type judgment/lien disclosure is listed in the amount of $622,351. The broker comment section states that he is disputing the lien with his tax attorney.

May, 2016: A customer dispute states “In 2016 an attorney for the client alleges that the liquidation and subsequent reinvestment of his 457 plan was not in his best interest.” $56,370 in damages were requested, and the claim was denied.

August, 2013: A customer dispute alleged that “In 2013 clients alleged that their life and annuity contracts were moved without their knowledge” $5,100 in damages were requested, and the claim was denied.

September, 2012: A civil type judgment/lien disclosure in the amount of $32,587 appears on McKinney’s record. The broker comment states “I became aware a month ago that a lien was place(d) on our home by FIA Card Service for bad credit card debt ran up by a family member. I am in contact with the collection agency and am working out a payment agreement. This debt will be paid in full in the next 24 months.”

August, 2015: A customer dispute states “Client alleges annuities were unsuitable and recommendation to liquidate stocks & purchases annuities caused client to owe large amount in taxes.” $292,000 in damages were requested and the dispute was denied.

Broker Alleged To Have Misrepresented REIT  

The most recent customer dispute on James McKinney’s record alleges misrepresentation related to REITs. REITs are a common cause of dispute between investors and their advisers.

Non-traded REITS carry certain risks that make them especially common causes of complaint, including that they are usually illiquid, incur high fees, and early redemption of shares is limited. Stockbrokers and financial advisers may receive high commissions for selling these products. Many clients purchased them without being told about the high risks involved.

Contact Silver Law Group If You Have Investment Losses With James McKinney Or Cetera

Silver Law Group has extensive experience helping investors recover losses related to REITS, negligence, breach of fiduciary duty, and other causes. Our firm has filed FINRA arbitration claims against Cetera, and our firm represents investors nationwide in cases of stockbroker misconduct and securities and investment fraud. Contact Scott Silver, Silver Law Group’s managing partner, toll free at (800) 975-4345 or at ssilver@silverlaw.com for a no-cost consultation.