Thomas Michael Mccauley Audit (2023) – A Scam or Legit Broker?

brokercomplaints
brokercomplaints
19 Min Read

Thomas Michael Mccauley  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Thomas Michael Mccauley.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet

BrokerComplaints.com is currently investigating allegations related to Thomas Michael Mccauley. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

 

About Thomas Mccauley

Thomas Michael Mccauley is an Investment Adviser. Thomas Michael Mccauley’s Central Registration Depository (CRD) number is 3178068 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/3178068.

Click here to download a Detailed Audit Report for Thomas Michael Mccauley.

Thomas Michael Mccauley has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

 

Accusations and Disclosures

You can find below, a quick snapshot of Thomas Michael Mccauley’s regulatory actions, arbitrations, and complaints.

 

DISCLOSURE 1 – 

 

  • Event Date: 5/26/2015
  • Disclosure Type: Employment Separation After Allegations
  • Disclosure Resolution:
  • Disclosure Detail :: Firm Name: RAYMOND JAMES FINANCIAL SERVICES INC.
  • Termination Type: Discharged
  • Allegations: FAILURE TO PROVIDE ACCURATE AND TIMELY DETAILS TO FIRM’S REQUESTS FOR INFORMATION PERTAINING TO ADVISOR’S PERSONAL FINANCIAL SITUATION. FA FAILED TO TIMELY DISCLOSE A NUMBER OF LIENS, NON TIMELY UPDATE HIS FORM U4 TO DISCLOSE THE SAME.
  • Broker Comment: ON APRIL 30, 2015 A PHONE CONFERENCE WAS CONDUCTED BY AN IRS REVENUE AGENT. DURING THE CALL THE AGENT EXPLAINED THAT ONE OF HER EMPLOYEES HAD ERRONEOUSLY FILED DUPLICATE LIENS IN AN ADJACENT COUNTY ACTING ON INCORRECT INFORMATION. IMMEDIATELY FOLLOWING HER ACTIONS THAT IRS EMPLOYEE BEGAN A PERSONAL LEAVE OF ABSENCE AND NOTICE OF LIENS WAS NOT PROVIDED TO ME. THE LIENS WERE DISCOVERED BY RJ WHEN A STANDARD CREDIT CHECK WAS RUN. DURING THE CALL THE IRS INDICATED TO ALL ON THE LINE HER SUPPORT REGARDING THE EFFORTS BEING MADE TO RESOLVE THE OUTSTANDING ISSUES. SHE CONFIRMED I AM IN COMPLIANCE AND SHE ALSO CONFIRMED THE LIEN’S FILED WERE DUPLICATES OF THE LIENS WHICH HAD ALREADY BEEN DISCLOSED TO RJ AND REPORTED ON MY U4. SHE PROVIDED WRITTEN PROOF TO RAYMOND JAMES STAFF. ON APRIL 15, 2015 I COMPLIED WITH A REQUEST FOR INFORMATION FROM RJ BY PROVIDING OVER 200 PAGES OF PERSONAL DOCUMENTS AND FOUR YEARS OF TAX RETURNS. WITH THE HELP OF THE IRS AGENT WE ARE WORKING THROUGH THE IRS SYSTEM TO HAVE THE DUPLICATE ERRONEOUS LIENS WITHDRAWN. ON TUESDAY, MAY 26, 2015 AT 7:55AM CENTRAL TIME I FAXED MY RESIGNATION TO THE ASSISTANT REGIONAL DIRECTOR AT RAYMOND JAMES.
See also  John Michael Marinaccio Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 2 – 

 

  • Event Date: 5/26/2015
  • Disclosure Type: Employment Separation After Allegations
  • Disclosure Resolution:
  • Disclosure Detail :: Firm Name: RAYMOND JAMES FINANCIAL SERVICES ADVISORS, INC
  • Termination Type: Discharged
  • Allegations: FAILURE TO PROVIDE ACCURATE AND TIMELY DETAILS TO FIRM’S REQUESTS FOR INFORMATION PERTAINING TO ADVISOR’S PERSONAL FINANCIAL SITUATION. FA FAILED TO TIMELY DISCLOSE A NUMBER OF LIENS, NON TIMELY UPDATE HIS FORM U4 TO DISCLOSE THE SAME
  • Broker Comment: ON APRIL 30, 2015 A PHONE CONFERENCE WAS CONDUCTED BY AN IRS REVENUE AGENT. DURING THE CALL THE AGENT EXPLAINED THAT ONE OF HER EMPLOYEES HAD ERRONEOUSLY FILED DUPLICATE LIENS IN AN ADJACENT COUNTY ACTING ON INCORRECT INFORMATION. IMMEDIATELY FOLLOWING HER ACTIONS THAT IRS EMPLOYEE BEGAN A PERSONAL LEAVE OF ABSENCE AND NOTICE OF LIENS WAS NOT PROVIDED TO ME. THE LIENS WERE DISCOVERED BY RJ WHEN A STANDARD CREDIT CHECK WAS RUN. DURING THE CALL THE IRS INDICATED TO ALL ON THE LINE HER SUPPORT REGARDING THE EFFORTS BEING MADE TO RESOLVE THE OUTSTANDING ISSUES. SHE CONFIRMED I AM IN COMPLIANCE AND SHE ALSO CONFIRMED THE LIEN’S FILED WERE DUPLICATES OF THE LIENS WHICH HAD ALREADY BEEN DISCLOSED TO RJ AND REPORTED ON MY U4. SHE PROVIDED WRITTEN PROOF TO RAYMOND JAMES STAFF. ON APRIL 15, 2015 I COMPLIED WITH A REQUEST FOR INFORMATION FROM RJ BY PROVIDING OVER 200 PAGES OF PERSONAL DOCUMENTS AND FOUR YEARS OF TAX RETURNS. WITH THE HELP OF THE IRS AGENT WE ARE WORKING THROUGH THE IRS SYSTEM TO HAVE THE DUPLICATE ERRONEOUS LIENS WITHDRAWN. ON TUESDAY, MAY 26, 2015 AT 7:55AM CENTRAL TIME I FAXED MY RESIGNATION TO THE ASSISTANT REGIONAL DIRECTOR AT RAYMOND JAMES.
See also  Jennifer M Carter Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 3 – 

 

  • Event Date: 3/1/2015
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $27,007.00
  • Judgment/Lien Type: Tax

 


 

DISCLOSURE 4 – 

 

  • Event Date: 3/1/2015
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $13,549.00
  • Judgment/Lien Type: Tax

 


 

DISCLOSURE 5 – 

 

  • Event Date: 7/8/2014
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $68,000.00
  • Judgment/Lien Type: Tax
  • Broker Comment: WE ARE WORKING WITH A TAX ATTORNEY TO DETERMINE STATUS AND REASON FOR THIS FILING.

 


 

DISCLOSURE 6 – 

 

  • Event Date: 6/1/2006
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $28,598.00
  • Judgment/Lien Type: Tax
  • Broker Comment: I AM MAKING $105 A MONTH PAYMENTS UNTIL PAID IN FULL.

 


 

DISCLOSURE 7 – 

 

  • Event Date: 11/20/2005
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CLIENT ALLEGES THAT ON NOVEMBER 5, 2004, 5000 SHARES OF TEAM FINANCIAL, INC WERE SOLD WITHOUT HER PERMISSION AND RESULTED IN A LOSS OF $23,550 INCLUDING LOST GAINS, DIVIDENDS AND COMMISSIONS.
  • Damage Amount Requested: $23,550.00
  • Settlement Amount: $10,000.00
  • Broker Comment: THE CLIENT PLACED A LIMIT ORDER IN JULY OF 2004. HER TRADE IN 2003 WAS DONE WITH A COURTESY DISCOUNT AS SHE WAS A RECENTLY RETIRED FELLOW EMPLOYEE. IN NOVEMBER 2004, CLIENT CALLED IN A MARKET ORDER AS THE STOCK PRICE (TFIN) WAS RISING. AT THAT TIME, SHE ASKED MY OPINION OF THE PRICE AND I TOLD HER I WAS UNABLE TO OFFER AN OPINION ONLY TELL HER THAT IT WAS THINLY TRADED AND VOLATILE. I TOLD HER THAT I THOUGHT WE COULD GET HER 11.75 OR BETTER, WHICH WE DID. HER MARKET ORDER AND LIMIT ORDER EXECUTED. AT THAT POINT, TFIN WAS AT OR NEAR A THREE YEAR HIGH. SHE RECEIVED HER CONFIRMATION ON BOTH TRADES AND EMAILED ME REGARDING THE COMMISSIONS. I ADJUSTED THE COMMISSION FURTHER, BUT NOT TO $65.00 WHICH WAS HER REQUEST. CLIENT MADE NO MENTION OF NOT WANTING EITHER TRADE UNTIL THE VALUE OF TFIN ROSE HIGHER.

 


 

DISCLOSURE 8 – 

 

  • Event Date: 4/17/2003
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $261.00
  • Judgment/Lien Type: Civil
  • Broker Comment: I have no recollection of this judgement. Dillon’s was a grocery store that no longer has operations in our area. Electronic court records show the judgement was for a check in the amount of $25.00 and that the notice was served to my wife on 4/11/2003.
See also  Alan Christy Doyle Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 9 – 

 

  • Event Date: 12/21/2000
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $22,407.00
  • Judgment/Lien Type: Tax
  • Broker Comment: MOVED FROM STATE OF CALIFORNIA – STATE FILED LIEN TO COLLECT TAXES FOR ALL EARNINGS OF EX-WIFE AND MYSELF FOR YEAR. ASSUMED HOUSE SALE AT MARKET VALUE AND PROFIT. TAXES ARE FILED FOR YEAR AND CA IS NOW REVIEWING FOR FINAL BALANCE. I HAVE SENT A OFFER IN COMPROMISE TO THE STATE OF CALIFORNIA ON 02/06/09. THE STATE INDICATED IT WILL TAKE 4 TO 6 MONTHS TO REVIEW.

 


 

DISCLOSURE 10 – 

 

  • Event Date: 6/6/2000
  • Disclosure Type: Judgment / Lien
  • Disclosure Resolution:
  • Disclosure Detail :: Judgment/Lien Amount: $1,316.00
  • Judgment/Lien Type: Civil
  • Broker Comment: BALANCE REMAINING ON EX-WIFE’S CELL PHONE BILL THAT I ASSUMED RESPONSIBILITY FOR AS PART OF DIVORCE SETTLEMENT. WILL BE PAID IN FULL WITHIN THE NEXT 90 DAYS.

 


 

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

 

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

 

  • KOVACK SECURITIES INC. (CRD#: 44848) :: 7/20/2016 – 6/30/2017 :: Fort Scott, KS
  • VSR FINANCIAL SERVICES, INC. (CRD#: 14503) :: 5/26/2015 – 7/19/2016 :: PAOLA, KS
  • RAYMOND JAMES FINANCIAL SERVICES, INC. (CRD#: 6694) :: 5/3/2002 – 6/15/2015 :: PAOLA, KS
  • AMERIPRISE FINANCIAL SERVICES, INC. (CRD#: 6363) :: 4/21/2009 – 4/22/2009 :: SPRINGFIELD, MO
  • A. G. EDWARDS & SONS, INC. (CRD#: 4) :: 5/11/2001 – 5/13/2002 :: ST. LOUIS, MO
  • MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#: 7691) :: 4/7/1999 – 5/18/2001 :: NEW YORK, NY
See also  Elizabeth Hughes Audit (2023) - A Scam or Legit Broker?

 

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Thomas Michael Mccauley

 

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Thomas Michael Mccauley, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

 

Thomas Michael Mccauley

 

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
See also  Matthew Aaron Murray Audit (2023) - A Scam or Legit Broker?

 

Report Thomas Mccauley

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Thomas Michael Mccauley – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (3178068) for the broker – Thomas Michael Mccauley
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

Share this Article
Leave a comment