Last Updated: February 2024 (Oakbrook Terrace, IL)
James McDermott Investigation Summary
Here’s what you need to know about Oakbrook Terrace, IL, stockbroker James McDermott:
- Name: Mr. James Daniel McDermott
- Current Employer: Osaic Wealth
- DBA: GCG Wealth Management
- Previous Firms: Raymond James & Asssoc., Oppenheimer & Co. , Wells Fargo Advisors
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: James McDermott
- Primary Location: Oakbrook Terrace, IL
- CRD 2483480
- Can James McDermott be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Discharged by a prior employer: Yes
- Pending Customer Dispute Seeks Unspecified amount of Damages
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With James McDermott As Your Stockbroker?
In 2/2024 a customer of Raymond James & Associates alleged that every purchase and sale made in their account by James McDermott violated the Illinois Securities Act. A damage amount has not yet been specified in this pending matter.
Wells Fargo Advisors discharged McDermott in 2011 for borrowing money from two clients of the firm in violation of firm policy.
[LEARN MORE]: Other investigations Involving Raymond James Brokers
Allegations of Broker Misconduct Against James McDermott
A customer of James McDermott has alleged the following wrongdoing in connection with the handling of customer accounts:
- Violations of Illinois Securities Act
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by James McDermott, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
