McNally Financial Services Broker Accused of Fraud & Negligence

Corpus Christi Financial Advisor is Accused of Negligence, Misrepresentations

Our Texas broker misconduct lawyers are looking into claims of losses by customers of Mark Alan Kemp, who is currently a McNally Financial Services registered representative. Mark Kemp, who has been in the industry for 30 years, has been named in nearly a dozen customer disputes, three of which are still pending.

If you are one of these investors, please contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today. We can determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages.

Pending Investor Claims Are Requesting $570K in Damages

Kemp is both a McNally Financial Services investment advisor and stockbroker. Other firms where he used to be registered include Horner, Townsend & Kent, The Mutual Life Insurance Company of New York, and Mony Securities Corp.

Here are some of the disclosures in Kemp’s BrokerCheck record:

July 2021: Alleging breach of fiduciary duty, breach of contract, negligent misrepresentation, and other contentions, this claimant is requesting $370K in damages.
May 2021: Making similar allegations, this customer is requesting $100K in damages.
February 2019: In this investor claim, the customer, who is alleging negligent misrepresentation and violations of common law fraud, is seeking $100K in damages.
November 2009: Kemp was fired as a Next Financial Group broker for alleged penny stock violations. Three years later, he was suspended for five days by FINRA for penny stock errors.
September 2009: This unauthorized trading case, which also alleged unsuitability, was settled for $43K.
June 2009: A $145K settlement was reached in this unauthorized trading. The claimant also accused Kemp of making misrepresentations and recommending unsuitable investment strategies.
September 2000: This misrepresentation case, in which the customer also alleged fraud, was settled for more than $1.1M. The claimant had requested much less, which was $300K in damages. World Home Industries securities were involved.
December 1999: This World Home Industries securities-related customer dispute was settled for over $1.1M.
July 1999: This investor claim, which alleged misrepresentations and broker fraud involving World Home Industries securities, was settled for $345K.
November 1998: Mony Securities fired Kemp. However, he contends that he was the one who resigned.

What is Negligent Misrepresentation?

An example of negligent misrepresentation is when a broker mistakenly gives an investor incorrect or inaccurate information or neglects to appraise a customer about a key fact. These facts are commonly related to a trade, investment, or investing strategy. This leads to a client not receiving the proper information that they need to determine whether a trade, security, or strategy is, in fact, the right choice for them.

Because of this, a customer might agree to purchase a financial product that is riskier than they would be comfortable with saying yes to if only they had known all of the facts. An investor could end up blindsided by losses that they never knew they were at risk of sustaining.

Here is a video of Securities Attorney Kirk Smith of SSEK Law Firm discussing the difference between misrepresentation and omissions:

Skilled Fraudulent Misrepresentation Attorneys

If you are a McNally Financial Services investor who suffered losses, our lawyers would like to hear from you. Contact SSEK Law Firm if you think your losses may be a result of negligent misrepresentations or omissions.

Our Houston broker misconduct lawyers can be reached at (713) 227-2400 or call our Dallas securities attorneys at (214) 613-5306. Based outside of Texas? Contact us nationwide at (800) 259-9010 today.