Last Updated: October 2023 (New York, NY)
Patrick Cavanagh Investigation Summary
Here’s what you need to know about New York, NY, stockbroker Patrick Cavanagh:
- Name: Mr. Patrick Joseph Cavanagh, Jr.
- Current Employer: Currently under suspension by FINRA for failure to comply with an arbitration award
- Previous Firms: Spartan Capital Securities, National Securities Corp., PHX Financial
- Function: Stock Broker/ Financial Advisor
- Aliases: Patrick Cavanagh
- Primary Location: New York, NY
- CRD 5186630
- Can Patrick Cavanagh be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Highest Settlement or Award: $272,813
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Patrick Cavanagh As Your Stockbroker?
In 6/2023 a FINRA arbitration panel in Omaha, Nebraska, ordered Patrick Cavanagh to pay $272,813 in damages as part of an award to 13 customers of Spartan Capital Securities brought against Cavanagh and three other stockbrokers. The customers group claim alleged that Patrick Cavanagh and the other respondent stockbrokers pushed many of the same stocks to multiple claimants, regardless of whether the investments were suitable, including private placements in:
- Mamma Mancini’s
- iNeedMD
- Bright Mountain Media
- FlexShopper
- Sports Field Holdings
The total award, including the $272,813 owed by Cavanagh, is $1,564,987, allocated among the 13 claimants.
On 9/13/2023 FINRA suspended Patrick Cavanagh, indefinitely, for failure to comply with the arbitration award.
Allegations of Broker Misconduct Against Patrick Cavanagh
Customers of Patrick Cavanagh have alleged the following wrongdoing in connection with the handling of customer accounts:
- Churning for Commissions
- Quantitative unsuitability
- Violations of FINRA Rule 2111
- Breach of Fiduciary Duty
- Negligent Misrepresentation and Omissions
- Unauthorized Trading
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 Patrick Cavanagh, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
See this for information on other investigations of Spartan Capital Securities brokers.
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.
