RedFlag, Allegation and/or Complaint against KELLY M McGrath
Disclosure #1 for KELLY McGrath
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- Event Date: 6/1/1998
- Disclosure Type: Regulatory
- Resolution: Final
- Initiated By: NEW YORK STATE INSURANCE DEPARTMENT
- Allegations: IN CONNECTION WITH MY APPLICATION FOR A LICENSE AS AN INDEPENDENT ADJUSTER UNDER NEW YORK INSURANCE LAW 2108, I SUBMITTED A CERTIFICATE OF CHARACTER THAT WAS FALSE AND/OR INACCURATE. I WAIVED MY RIGHT TO NOTICE AND HEARING REGARDING THE VIOLATION AND AGREED TO PAY THE NEW YORK SUPERINTENDENT OF INSURANCE A PENALTY OF $500.00. NO OTHER DISCIPLINARY ACTION WAS TAKEN. I WILL TAKE ALL NECESSARY STEPS TO PREVENT THE RECURRENCE OF SIMILAR VIOLATIONS IN THE FUTURE. I CURRENTLY HOLD A CONNECTICUT PROPERTY & CASUALTY PRODUCER LICENSE AND CONNECTICUT LIFE/HEALTH PRODUCER LICENSE IN GOOD STANDING.
- Resolution: Stipulation and Consent |Sanctions: Monetary/Fine |Amount: $500.00
- Sanction Details: $500.00 PENALTY WAS PAID TO THE NEW YORK STATE INSURANCE DEPARTMENT ON OCTOBER 29, 1998.
- Broker Comment: MY ORIGINAL CERTIFICATES OF CHARACTER SUBMITTED WITH MY NEW YORK STATE ADJUSTERS LICENSE APPLICATION INCLUDED PEOPLE WHO DID NOT MEET THE CRITERIA SET FORTH IN THE APPLICATION. I DID NOT ATTEND ANY FORMAL COMPANY SPONSORED TRAINING SESSIONS REGARDING THE LICENSING PROCESS. I WAS, HOWEVER, GIVEN THE NEW YORK STATE LICENSING APPLICATION AND WAS PROVIDED WITH AN INFORMAL EXPLANATION OF THE LICENSING PROCESS AND REQUIREMENTS. I WAS ADVISED TO EXPEDITE THE LICENSING PROCESS BY UTILIZING PEOPLE TO COMPLETE THE CERTIFICATE OF CHARACTER WHO DID NOT MEET THE REQUIREMENTS SET FORTH ON THE APPLICATION. AFTER VOICING MY CONCERNS ABOUT NOT HAVING MY CERTIFICATES COMPLETED IN A TIMELY MANNER, IT WAS SUGGESTED I DISREGARD THE REQUIREMENTS. SUBSEQUENTLY, THE TRAINING SUPERVISOR WAS FINED ALONG WITH SEVERAL MEMBERS OF THE TRAINING TEAM.
Should I file a FINRA complaint against brokers like KELLY M McGrath?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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Originally reported on November 17, 2022 @ 8:48 pm
