Oct '24 • Fraud Allegation Alerts
Mark Kemp - McNally Financial Services - Financial Advisor Fraud Alert
Last Updated: October 2024 (Corpus Christi, Texas)
Mark Kemp Financial Advisor Fraud Alert
Mark Kemp's FINRA record reveals multiple serious allegations including unauthorized trading, unsuitable investment recommendations to elderly clients, selling away violations, and overconcentration of high-risk investments. His conduct has resulted in regulatory suspensions, employment terminations, and multiple customer disputes totaling over $1.5 million in settlements. If you are a victim of investment fraud from the misdeeds of Mark Kemp of McNally Financial Services Corporation, read below and please consider utilizing an attorney to help you recover losses. You can start with a free case evaluation.
Mark Kemp (CRD #2057200), a financial advisor at McNally Financial Services Corporation, who is currently facing regulatory action and multiple customer complaints related to unsuitable investment recommendations, particularly involving reverse convertible securities and other high-risk investments targeting elderly investors.
Critical insights about Corpus Christi, TX stockbroker Mark Kemp:
- Advisor Name: Mark Alan Kemp- CRD #2057200
- Location: Corpus Christi, TX
- Current Employer: McNally Financial Services Corporation
- Classification: Stockbroker + Financial Advisor
- Primary Location: 5941 Patton Street, Corpus Christi, TX 78414
- Can Mark Kemp be sued in private FINRA arbitration: Yes
- Has Mr. Kemp been disciplined by FINRA: Yes
- Total Number of Disclosures: 16 (2 Regulatory Events, 12 Customer Disputes, 2 Terminations)
- Recent Settlement Amount: $150,000 (April 2024)
- Pending Customer Dispute: $209,816
Lost Money With Stockbroker Mark Kemp?
Mark Kemp has a significant history of customer complaints and regulatory actions.
- Recent Regulatory Action (October 2024):- Texas Securities Commissioner suspended Kemp for two weeks (10/14/2024 - 10/28/2024). The case number is IC-24-CAF-04. The allegations involved unsuitable recommendations of reverse convertibles to elderly investors near or at retirement. Mr. Kemp was required to refund certain clients who held reverse convertible notes. The investigation found Kemp recommended complex, high-risk investments that exceeded clients' stated risk tolerances.
Notable Customer Disputes:
- March 2023: $555,928 complaint settled for $150,000 regarding overconcentration and unsuitable recommendations of high-risk investments
- April 2022: $157,600 complaint settled for $22,500 regarding unsuitable recommendations of reverse convertible securities
- July 2021: $370,006 complaint settled for $270,000 regarding direct investments and mutual funds
- Currently pending: $209,816 complaint regarding unsuitable investments and structured products
Employment Terminations:
- November 2009: Discharged from Next Financial Group for penny stock violations and failure to observe high standards of commercial conduct
- November 1998: Discharged from MONY Securities Corp. for selling away activities involving private securities
Allegations of Broker Misconduct Against Mark KempKey allegations against Mark Kemp include:
- Violations of FINRA Rule 2111 (Suitability) by recommending complex, high-risk investments to elderly clients without reasonable basis
- Overconcentration of client portfolios in high-risk investments beyond stated risk tolerances
- Misrepresentation of investment risks in violation of FINRA Rule 2020
- Unauthorized trading violations in client accounts
- Mismarking order tickets (violation of [Securities Exchange Act Rule 17a-3](https://www.ecfr.gov/current/title-17/chapter-II/part-240/section-240.17a-3)))-)
- Selling away violations involving private securities
- Excessive commission charges
- Penny stock violations of firm policy.
The recent Texas Securities Commissioner action highlighted a pattern of targeting elderly investors near or at retirement age. Kemp recommended high-risk reverse convertibles to replace retirement income, despite these complex products exceeding clients' risk tolerances and investment experience. This conduct violated fundamental securities regulations requiring brokers to make suitable investment recommendations based on each client's individual circumstances.
Need Help Recovering Your Investment Losses?
If you have suffered investment losses in an account handled by Mark Kemp or have a question about the performance of your account, please contact Patil Law, P.C. online or (800) 950-6553 for a free initial consultation. The cases are handled on a contingency basis and Patil Law, P.C. does not get paid unless you win.
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Mark Kemp - McNally Financial Services - Financial Advisor Fraud Alert
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