Securities Arbitration Lawyers BlogCentury Securities Associates Broker Bernard McLaughlin Jr. Under Investigation After Declaring Bankruptcy
Silver Law Group is investigating Minnesota-based Century Securities Associates, Inc. broker Bernard McLaughlin Jr. (CRD# 601178) after he declared bankruptcy.
According to McLaughlin’s FINRA BrokerCheck report, McLaughlin declared bankruptcy in August 2017. McLaughlin’s debts incurred in the bankruptcy were discharged in November 2017.
A bankruptcy disclosure indicates that the broker may have financially struggled leading up to the bankruptcy. This financial distress can sometimes lead brokers to recommend unsuitable, risky products with high commissions and fees or engage in other securities misconduct such as excessively trading (churning) customers’ accounts in order to generate higher commissions.