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Michael R. Mackay formerly with Transamerica Financial Advisors, Inc. Has 4 Customer Complaints for Alleged Broker Misconduct In the Past 2 Years

Who is Michael R. Mackay formerly with Transamerica Financial Advisors, Inc.?

Michael Mackay (CRD #2279775) who was formerly registered with Transamerica Financial Advisors, Inc. and located in Cincinnati, Ohio is a subject of one of our many securities industry sales practice abuse investigations. Prior to Transamerica Financial Advisors, Inc., Michael Mackay was associated with 5 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Transamerica Financial Advisors, Inc. Broker Misconduct

In his career, Michael Mackay has been the subject of 4 customer complaints that we know about, all of those complaints were filed in the last two years to recover investment losses. Two of Michael Mackay’s 4 customer complaints for selling unauthorized promissory notes (Selling Away) were settled in favor of investors. 

One complaint was denied by the brokerage firm and to date, the customer has not pursued any further action. There is currently one pending customer complaint filed against Michael Mackay’s former employer Transamerica Financial Advisors, Inc. for investment losses caused by his alleged misconduct.

FINRA commenced an investigation into allegations that Michael Mackay had referred customers to an outside real estate investment opportunity that is firm had not approved.  Michael Mackay refused to cooperate with the investigation and was permanently barred from any further association with a member firm in the securities industry.

Allegations Against Michael Mackay

A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:

  • Claimant’s alleged the registered representative sold them unsuitable investments, including promissory notes, which were sold away from the firm.  The firm settled the Selling Away claim for $425,000.
  • The complainant alleged that she purchased a total of $427,000 of Equity Trust Company REPF Fund and discovered it was an unauthorized and unapproved product.
  • Claimants alleged a registered representative sold unsuitable investments, which were sold away from the firm.
  • The complainant alleged that she provided a check to the registered representative in the amount of $300,000 for real estate investment and wanted the funds returned to her.  The firm settled the matter for $235,000, even though it was an unauthorized and unapproved investment.

Michael Mackay Red Flags & Your Rights as An Investor

Of course, Michael Mackay 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 that should put all current and former customers of Michael Mackay at Transamerica Financial Advisors, Inc. on alert to review carefully the activity and performance of their accounts and question whether Michael Mackay has engaged in any stockbroker misconduct that may have caused them investment losses.

The large number of customer complaints at Transamerica Financial Advisors, Inc. also raises questions about supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Transamerica Financial Advisors, Inc.

If you have questions about Transamerica Financial Advisors, Inc. and/or Michael Mackay 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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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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