The Financial Industry Regulatory Authority (“FINRA”) has barred former Janney Montgomery Scott and Morgan Stanley broker John Joseph Cahill based on FINRA’s findings that Cahill refused to cooperate with FINRA’s investigation into allegations that Cahill comingled and/or took money belonging to his elderly client.
According to Mr. Cahill’s FINRA BrokerCheck report, Cahill was fired by Janney Montgomery Scott in March 2019 during an internal review into his receipt of funds while acting as a Power of Attorney for a client while still at Morgan Stanley.
Following his termination, FINRA Enforcement opened an investigation into the allegations that Cahill comingled and/or took funds belonging to an elderly customer for whom he also served as Power of Attorney. FIRNA sent Cahill a letter on November 1, 2019, requesting the production of documents and information and ordering Cahill to appear for on-the-record testimony on December 6, 2019.
Cahill refused to comply with FINRA’s requests, which is a violation of FINRA Rules 8210(a)(1) and (2), and 8210(c). On January 2, 2020, FINRA entered an order permanently barring Cahill from associating with any FINRA member in any capacity.
Cahill had previously been permitted to voluntarily resign from Morgan Stanley in August 2013, following allegations that Cahill engaged in securities trading without first contacting the client as required. Janney Montgomery hired Cahill in spite of this issue.
If you or someone you know lost money as a result of an investment with John Joseph Cahill, Janney Montgomery Scott, or Morgan Stanley, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.