Miami, Florida resident Patrick McGrath III submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) with the purpose of settling the alleged violations that he borrowed funds from his member firm’s client and made false statements while under investigation.
McGrath entered the securities industry in 1984 and has been associated with several FINRA-regulated broker dealers throughout his career. In April 2009, McGrath became associated with Oppenheimer & Co., Inc. (Oppenheimer) as a registered representative. However, in January 2014, Oppenheimer filed a Uniform Termination Notice for Securities Industry Registration (Form U5) reporting that McGrath failed “to timely finalize arrangements to repay loans he received” from a Oppenheimer customer. Continue Reading