Terry McCoy (Terry Lee McCoy) has consented to a sanction from FINRA (the Financial Industry Regulatory Authority). FINRA is a non-governmental regulator of securities firms that focuses on investor protection and market integrity through effective and efficient regulation of the securities industry. The attorneys of Fishman Haygood Investment Fraud Lawyers are currently investigating possible claims against stockbroker Terry McCoy.
In June 2018 Terry McCoy was barred by FINRA indefinitely from practicing as a broker. Terry McCoy worked for Morgan Stanley in Palm Harbor, Florida from 2009 to 2016.
FINRA alleges that Terry McCoy engaged in the following misconduct: he failed to appropriately supervise the sales practices of his member firm’s registered representatives.
McCoy was the branch manager of the Morgan Stanley office in Palm Harbor, and had a professional responsibility to supervise the fiduciary actions of his employees. FINRA found that two employees were engaged in excessive trading (also known as churning). Excessive trading generates higher commissions for brokers at the expense of investors.
In addition, the brokers used unauthorized discretion and did not seek approval or consent from the the investor before making these excessive trades. The investor had a non-discretionary account, which means that brokers must receive permission before making trades.
According to FINRA, “As a result of the excessive trading, the customer’s accounts generated commissions of over $9 million dollars.”
As manager, McCoy failed to identify the excessive trading.
Terry McCoy has been the subject of at least 3 customer disputes.
If you invested money through Terry McCoy, we would like to talk to you. Fishman Haygood Investment Fraud Lawyers are experienced securities litigators. We have helped hundreds of clients recover their losses that were due to broker fraud or negligence. Contact us today to discuss your options and receive a free consultation.
Fishman Haygood Investment Fraud Lawyers represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood Investment Fraud lawyer today.