Margaret Mulligan Black Audit (2023) – A Scam or Legit Broker?

Margaret Mulligan Black  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Margaret Mulligan Black.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet is currently investigating allegations related to Margaret Mulligan Black. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

About Margaret Black

Margaret Mulligan Black is an Investment Adviser. Margaret Mulligan Black’s Central Registration Depository (CRD) number is 22518 and the FINRA Profile can be found at –

Click here to download a Detailed Audit Report for Margaret Mulligan Black.

Margaret Mulligan Black has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

Accusations and Disclosures

You can find below, a quick snapshot of Margaret Mulligan Black’s regulatory actions, arbitrations, and complaints.


  • Event Date: 7/20/2018
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA:
  • Allegations: SEC Admin IA Release 40-4975 / July 20, 2018: The Securities and Exchange Commission (Commission) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be instituted against Beverly Hills Wealth Management, LLC (BHWM) and Margaret Mulligan Black (aka Margaret Mulligan Scott) (Black) (BHWM and Black referred to as collectively as espondents). On the basis of this Order and Respondents’ Offers, the Commission finds that these proceedings arise out of violations of the Investment Advisers Act of 1940 by a registered investment adviser, BHWM, and its principal, Black. In April 2016, BHWM and Black withheld prepaid, unearned advisory fees totaling $131,000 from 63 departing clients who requested terminating their advisory relationship with BHWM despite representations made in its Form ADV brochures and advisory agreements. Specifically, the firm and Black initially refused to recognize clients’ e-mails and mailed requests as proper termination notices, instead demanding that the clients send written requests with a wet signature, which request was contrary to the disclosures made to clients in both the Forms ADV, Part 2A (the Firm Brochures) and its advisory contracts. Additionally, between March 2013 and April 2018, BHWM and Black continually omitted material facts and made false and misleading statements regarding BHWM’s financial condition in its Firm Brochures. Specifically, the firm failed to disclose that it was insolvent and financially unable to repay its loans during this entire time despite representing in thirteen Firm Brochures issued between March 2013 and April 2018 that [we do not have a financial condition or commitment that impairs [our ability to meet contractual and fiduciary obligations to clients. In fact, BHWM had borrowed $700,000 just to keep the business afloat. Since 2014, BHWM has been in default on the loans and currently owes an additional $75,000 in unpaid interest. As a result of the conduct, Black willfully committed violations of Section 206(2) of the Advisers Act and Section 207 of the Advisers Act. Black willfully aided and abetted and caused violations of Section 204(a) of the Advisers Act and Rule 204-1(a)(2) promulgated thereunder and willfully aided and abetted and caused violations of Section 206(4) of the Advisers Act, and Rule 206(4)-7 promulgated thereunder.
  • Resolution: Order
  • Sanction Details :: Sanctions: Cease and Desist Sanctions: Censure Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
  • Sanction Details :: Amount: $50,000.00 Sanctions: Undertaking

See also  Michael Joseph Harney Audit (2023) – A Scam or Legit Broker?

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

See also  James Lamonte Foster Audit (2023) – A Scam or Legit Broker?

  • CALTON & ASSOCIATES, INC. (CRD#: 20999) :: 4/21/2016 – 5/18/2016 :: Beverly Hills, CA
  • MUTUAL SECURITIES, INC. (CRD#: 13092) :: 3/8/2012 – 4/1/2016 :: BEVERLY HILLS, CA
  • PURSHE KAPLAN STERLING INVESTMENTS (CRD#: 35747) :: 5/21/2010 – 3/9/2012 :: BEVERLY HILLS, CA
  • MORGAN STANLEY & CO. INCORPORATED (CRD#: 8209) :: 4/2/2007 – 12/2/2008 :: LOS ANGELES, CA
  • MORGAN STANLEY DW INC. (CRD#: 7556) :: 1/25/1979 – 4/2/2007 :: LOS ANGELES, CA
  • THOMSON MCKINNON SECURITIES INC. (CRD#: 829) :: 4/5/1976 – 2/11/1979
  • LETTERMAN TRANSACTION SERVICES, INC. (CRD#: 6477) :: 3/19/1975 – 7/24/1976
  • CRUTTENDEN, GUST & MERHAB, INCORPORATED (CRD#: 3872) :: 12/6/1974 – 4/13/1975
  • DOW FINANCIAL (CRD#: 1000002) :: 10/18/1974 – 11/11/1974
  • DOW FINANCIAL (CRD#: 6367) :: 6/6/1974 – 10/18/1974

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

See also  Gerald Parrish Mcgrath Audit (2023) – A Scam or Legit Broker?

Margaret Mulligan Black

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Margaret Mulligan Black, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management

See also  Brian Alan Ralston Audit (2023) – A Scam or Legit Broker?

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

Margaret Mulligan Black

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.

See also  Pavel Dorfman Audit (2023) – A Scam or Legit Broker?

Report Margaret Black

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Margaret Mulligan Black – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (22518) for the broker – Margaret Mulligan Black
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.



The views and opinions expressed in these articles are those of the source and do not necessarily reflect the official position of ‘The Skeptic Files,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

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