DID JAMES DANIEL MCDERMOTT CAUSE YOU INVESTMENT LOSSES?
James McDermott Of Osaic Wealth, Inc. And Formerly With Raymond James & Associates, Inc. Has A Customer Complaint For Alleged Broker Misconduct
About James McDermott of Osaic Wealth, Inc.?
James McDermott (CRD #2483480) currently registered with Osaic Wealth, Inc. in Oakbrook Terrace, Illinois, has had a varied career with multiple transitions across prominent firms. Since beginning his brokerage career in 1994, McDermott has been affiliated with several major firms, including Raymond James and Oppenheimer & Co. Although licensed in 27 U.S. states and territories and having passed three general industry/product exams along with two multi-state securities law exams, his record is marred by a customer dispute and a termination event. His failure to complete any principal/supervisory exams raises questions about his readiness for higher-level responsibilities in the industry.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
James McDermott Customer Complaint and Reviews
James McDermott’s professional history includes significant negative disclosures:
- Customer Dispute (Pending as of February 2024): Allegations state that every transaction involving the purchase or sale of securities in clients’ accounts at Raymond James violated Illinois Securities Law.
- Termination (December 19, 2011): Discharged by Wells Fargo Advisors for violating internal policy by borrowing money from two clients who were custodians on brokerage accounts. This incident highlights serious concerns regarding professional ethics and conduct
Allegations Against James McDermott
- Unsuitable Transactions: Accused of engaging in securities transactions that allegedly violated state securities law, suggesting potential mismanagement or disregard for client-specific suitability.
- Breach of Internal Policy: Violated firm policy by inappropriately borrowing money from clients, which points to questionable ethical standards and potential conflicts of interest.
These allegations paint a picture of a broker who may have engaged in questionable financial practices.
James McDermott Red Flags & Your Rights As An Investor
Of course, James McDermott did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of James McDermott at Osaic Wealth, Inc. and Raymond James & Associates, Inc. on alert to review carefully the activity and performance of their accounts and question whether James McDermott has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Osaic Wealth, Inc. and Raymond James & Associates, Inc. also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Osaic Wealth, Inc. Due To James McDermott
If you have questions about Osaic Wealth, Inc., Raymond James & Associates, Inc. and/or James McDermott and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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