Arthur McQuaide, Ex-Spartan Advisor, Sanctioned by FINRA

Former Garden City, New York financial advisor Arthur McQuaide (CRD# 4581876) allegedly made excessive trades in customer accounts, according to a regulatory enforcement action. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Spartan Capital Securities.

Mr. McQuaide’s BrokerCheck report discloses the recent FINRA sanction against him. Filed in December 2023, it alleged that he made excessive and unsuitable trades in the accounts of two senior customers. “McQuaide’s customers relied on his advice and routinely followed his recommendations and, as a result, McQuaide exercised de factor control over their accounts,” FINRA found. According to a Letter of Acceptance, Waiver, and Consent (No. 2018056490308), his allegedly excessive and unsuitable trading resulted in collective realized losses of $190,839, trading costs of $201,684, and commissions totaling $160,360.

A second disclosure on his BrokerCheck report concerns an investor complaint against him. Filed in 2020, it alleged that as a representative of Spartan Capital Securities, he misrepresented and recommended unsuitable investments in unspecified products. In 2022 the complaint reached a settlement of $5,000.

According to the Financial Industry Regulatory Authority, Arthur McQuaide holds 19 years of securities industry experience. He was most recently registered as a broker with Spartan Capital Securities in Garden City, New York from 2016 until 2022. His past registrations include Southeast Investments (East Meadow, New York; 2014-2016), Caldwell International Securities (East Meadow, New York; 2007-2014), Hunter Scott Financial (Uniondale, New York; 2005-2007), and JP Turner & Company (Atlanta, Georgia; 2003-2005). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is no longer registered as a broker or as an investment advisor. (Information current as of January 17, 2024.)

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