OTTO MCKAY

OTTO MCKAY is currently employed as a Broker and/or Investment Adviser at SA STONE WEALTH MANAGEMENT INC. located at 1675 LAKELAND DRIVE, SUITE 506, JACKSON, MS, 39216.

OTTO MCKAY has worked at SA STONE WEALTH MANAGEMENT INC. since August 04, 2011

Disclosure History

OTTO MCKAY has 2 Disclosure Event(s).

Date: February 06, 2007
Category: Customer Dispute
Allegations: REP HAS NO FIRST HAND KNOWLEDGE OF COMPLAINT AS UBS HAS NOT COMMUNICATED WITH HIM NOR ADVISED HIM OF THIS COMPLAINT. HE IS REPORTING THE DETAILS FROM THE AMENDED U5 FILED BY UBS. (CLIENT'S COUNSEL ALLEGES THAT CLIENT "BOUGHT STOCK" BECAUSE BROKER "HIGHLY RATED THE COMPANY." COUNSEL STATES THAT THE FINANCIAL ADVISOR "REPRESENTATED THAT WORLDCOM, INC. WAS A SOLID COMPANY THAT WAS IN VERY GOOD SHAPE." COUNSEL FURTHER ALLEGES THAT "NOT AT ANY TIME" DID THE FINANCIAL ADVISOR "INFORM" THE INDIVIDUALS ABOUT THE CONFLICT OF INTEREST" INHERENT IN THE BROKERAGE FIRM WORLDCOM INVESTMENT BANKING RELATIONSHIP.)
Damage Amount Requested: $9,114.00
Broker Comment: AS INDICATED ABOVE IN ITEM #4, UBS HAS NOT ADVISED ME, THE REP, OF COMPLAINT OR COMMUNICATED WITH ME SO ALL DETAILS ABOVE ARE GLEANED FROM THE UBS AMENDED U5.WITHOUT SPECIFIC DETAILS OF THIS ALLEGATION I MUST KEEP MY RESPONSE OF A GENERAL NATURE. SINCE THIS COMPLAINT WAS MADE TO UBS AND I ONLY WORKED FOR PAINE-WEBBER, NOW UBS, FOR A SHORT TIME, I MUST ASSUME THE PURCHASE OF WORLDCOM STOCK BY [CUSTOMER] WAS MADE WHEN I WORKED FOR J C BRADFORD & SONS (LATER BOUGHT OUT BY PAINE-WEBBER). I CAN SAY THAT OUR ANALYST COVERAGE WAS FAVORABLE FOR WORLDCOM. IT IS WELL DOCUMENTED BY RECENT COURT PROCEEDINGS AGAINST WORLDCOM MANAGEMENT THAT THE COMPANY HAS ADMITTED GIVING FALSE INFORMATION TO INVESTORS BY PAINTING A ROSEY PICTURE OF THE COMPANY WHERE NONE ACTUALLY EXISTED. PERHAPS [CUSTOMER] SHOULD JOIN THE THOUSANDS OF OTHER INVESTORS WHO HAVE SUED WORLDCOM FOR THE COMPANY'S MISREPRESENTATION OF THE FACTS.ADDITIONALLY, I AM NOT AWARE OF ANY INVESTMENT BANKING RELATIONSHIP THE COMPANY HAD WITH WORLDCOM.

Date: September 29, 2000
Category: Customer Dispute
Allegations: CLIENTS VERBALLY ALLEGED THAT FA FAILED TO FOLLOW THEIR INVESTMENT DIRECTIVES BY ALLOWING THEIR ACCOUNT TO FALL BELOW $150,000. WHEN ACCOUNT FELL BELOW $150,000, CLIENTS TOLD FA TO SELL EVERYTHING, WHICH WAS NOT DONE. CLIENTS FURTHER ALLEGED THAT, DURING A FUND EXCHANGE, THE FA INVESTED IN THE GROWTH FUND OF AMERICA, A FUND THE CLIENTS DID NOT WANT.
Settlement Amount: $18,354.37
Broker Comment: I CONSIDER THE [CUSTOMER] COMPLAINT FRIVILOUS AND WITHOUT ANY MERIT. PAINEWEBBER SETTLED THIS AFTER I LEFT THEIR EMPLOYMENT. I NEVER KNEW THERE WAS A COMPLAINT UNTIL AFTER IT WAS SETTLED. I NEVER CONTRIBUTED $9,177.18 TO THIS SETTLEMENT OR ANY OTHER AMOUNT, NOR DO I INTEND TO DO SO.

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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