Kevin McCoy (CRD#: 4557189), a broker with Cetera Investment Services LLC (CRD#: 15340) and a Registered Investment Adviser (RIA) with Cetera Investment Advisers LLC (CRD#: 105644), both of The Woodlands, Texas, is currently involved in two pending investor disputes over structured products, according to his BrokerCheck record accessed on June 22, 2020. What led to these customer disputes over structured products? Read on to find out more.
On May 13, 2020, a customer alleged that Kevin McCoy misrepresented a structured product. The customer is asking that their principal be returned. One week later, on May 19, 2020, a second customer alleged that Kevin McCoy misrepresented a structured product. Both disputes are pending.
What are structured products? Structured products are pre-packaged investments. What does that mean? They commonly come in a “basket” of securities; the “basket” could include a variety of securities products, such as derivatives, options, debt issuances, or foreign currencies. What should investors know before investing in structured products? Because structured products are considered “unsecured debt,” even broker-dealers like UBS freely admit in their prospectuses that structured products carry significant risks. As such, investors should proceed with caution and make sure to do their own due diligence before investing; investors should not solely rely on the information provided by their brokers. As the two pending complaints against Kevin McCoy demonstrate, structured products can leave investors holding the bag.
Kevin McCoy has passed the Series 66 – Uniform Combined State Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, and the Series 7 – General Securities Representative Examination. He is registered to sell securities in California, Florida, Louisiana, Minnesota, New Mexico, and Texas. He is also a Registered Investment Adviser (RIA) in Texas.
Over his 17-year career in the securities industry, Kevin McCoy has worked for many brokerage firms. In addition to his current role with Cetera Investment Services and Cetera Investment Advisers, he has also worked for:
- LPL Financial LLC (CRD#: 6413) – broker-dealer and investment adviser
- BBVA Securities Inc. (CRD#: 27060) – broker-dealer
- BBVA Wealth Solutions, Inc. (CRD#: 110476) – investment adviser
- St. Johns Wealth Management (CRD#: 105564) – investment adviser
- BBVA Compass Investment Solutions, Inc. (CRD#: 17086) – broker-dealer
- Morgan Stanley Smith Barney LLC (CRD#: 149777) – broker-dealer and investment adviser
- Citigroup Global Markets, Inc. (CRD#: 7059) – broker-dealer and investment adviser
- Edward Jones (CRD#: 250) – broker-dealer and investment adviser
If Kevin McCoy was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.