Mary McDougal Allegedly Recommended Unsuitable Investments

Mary McDougal (CRD #: 1033553), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on August 21, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On July 10, 2024, an investor alleged that Mary McDougal recommended unsuitable investments.

According to allegations also filed on July 10, 2024, an investor alleged that Mary McDougal recommended unsuitable investments and executed unauthorized transactions. They further alleged that she failed to act in the customer’s best interest and omitted material facts. The investor is seeking $350,000. 

On June 19, 2024, an investor alleged that Mary McDougal failed to consider suitability. The dispute was denied by the firm. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Mary McDougal has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 5 Interest Rate Options Examination 
• Series 7 General Securities Representative Examination 

She is a registered broker in 39 states and D.C. She is a registered investment adviser in Minnesota and Texas. 

Kurta Law Can Help 

If you worked with Mary McDougal and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.