Mel Coffey Subject of FINRA Investigation into Excessive Trading
Mel Coffey (CRD #: 2553466), a broker registered with SW Financial, is the subject of a FINRA investigation, according to his BrokerCheck record, accessed on August 31, 2021. This is his 19th BrokerCheck disclosure.
On August 6, 2021, FINRA announced that it was investigating Mel Coffey for churning. Churning is another term for excessive trading, which occurs when brokers execute trades simply for the sake of generating commissions for themselves, without any financial benefit for their investors. FINRA further alleges that Mel Coffey recommended unsuitable investments.
Financial Disclosures
Mel Coffey’s BrokerCheck record also features several financial disclosures.
Between 2020 and 2021, Mel Coffey was the subject of two tax liens. They collectively totaled $268,860.90. He also filed for bankruptcy on May 13, 2019.
Mel Coffey Background Information
Mel Coffey has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 10 General Securities Sales Supervisor – General Module Examination
- Series 9 General Securities Sales Supervisor – Options Module Examination
He is a registered broker in 20 states.
Mel Coffey has worked for the following firms:
- SW Financial (CRD #: 145012)
- First Standard Financial Company (CRD #: 168340)
- Legend Securities (CRD #: 44952)
- Tryco Securities (CRD #: 104025)
- Brookville Capital Partners (CRD #: 102380)
- John Thomas Financial (CRD #: 40982)
- Ladenburg Capital Management (CRD #: 14623)
Kurta Law Can Help
If you worked with Mel Coffey and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email info@kurtalawfirm.com.