FINRA Arbitration Attorney, Russell L. Forkey, Esq.
Richard Mark McKinnon (CRD #728601, Registered Representative, fomerly licensed with First Allied Securities, Inc., Carmichael, California) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, McKinnon consented to the described sanction and to the entry of findings that he recommended the purchase of bonds, bond funds and annuities to an elderly customer who entrusted McKinnon with funds for their purchase. The findings stated that McKinnon deposited the funds into his personal bank account and made improper use of the funds, which included payment of personal expenses. The findings also stated that McKinnon accepted additional funds from the customer, which he used for personal expenses, and accepted additional funds from the customer in exchange for a promissory note he signed. The findings also included that McKinnon did not notify his member firm nor obtain its approval prior to entering into this arrangement with the customer. FINRA found that McKinnon provided false and misleading statements during FINRA testimony regarding the amount of funds he had accepted from the customer, the disposition of the funds and his purchases of securities for the customer in connection with the receipt of the funds. (FINRA Case #2010024397801).
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