Leonard Allen Mcabee (CRD#: 2066347) is a former FINRA broker. He first started working in the securities industry in 1990. Most recently, Mr. Mcabee was employed at National Securities Corporation in Lombard, Illinois (2011 to 2018). Prior to that, this broker was associated with Barron Chase Securities in Boca Raton, Florida.
On December 14th, 2018, a customer of National Securities Corporation filed an unauthorized trading claim against former financial advisor Leonard Mcabee. According to BrokerCheck, this customer is seeking $530,000 in financial damages. As of late February of 2019, this claim is still listed as ‘pending’.
Unauthorized Trading Allegations: Former Broker Leonard Mcabee
Under securities industry rules, brokers must have the proper authorization to make a trade — or any other transaction — on behalf of a customer. Generally, this authorization comes in two different forms. With a non discretionary brokerage account, financial advisors must get authorization for each individual transaction. With a discretionary brokerage account, financial advisors do not need individual authorization, but they must make all trades in accordance with the client’s fundamental guidance. If losses are suffered as a result of unauthorized trading, an investor may be entitled to financial compensation through a FINRA arbitration claim.
Were You a Victim of Unauthorized Trading?
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