EUGENE, Ore. – A Eugene financial planner accused of defrauding his investors out of more than a half a million dollars, is barred from the securities industry.
The Financial Industry Regulatory Authority, or FINRA, issued its ruling against James Scott McKee on a number of complaints, including allegations that he converted customer funds for his own use and lied to FINRA staff, while under oath, during his on-the-record testimony.
FINRA made its decision by default because McKee did not file an answer to the complaint. They also ordered McKee to pay restitution, plus interest to five customers.
“That’s how the process will play out with all the law enforcement actors is, is there money available and then how should it be split up between the victims he is under a current order through our process to pay them back,” said Brad Bennett, FINRA Exec. VP and Chief Enforcement Officer.
McKee still has the right to appeal the ruling by FINRA, which is separate from the criminal investigation against him.
In the criminal case moving through the Lane County Circuit Court, McKee faces four counts of theft. The District Attorney’s Office says it’s in the negotiations phase of the case. McKee is expected in court on Thursday to continue that process; but, it’s unclear if a decision will be reached.