{"id":8540,"date":"2019-10-07T11:50:29","date_gmt":"2019-10-07T15:50:29","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=8540"},"modified":"2019-10-07T11:50:29","modified_gmt":"2019-10-07T15:50:29","slug":"sec-lawsuit","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/","title":{"rendered":"Registered Investment Advisor McDermott Accused By SEC Of Defrauding Clients"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-8309 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away-300x200.jpg\" alt=\"Registered Investment Advisor McDermott Investment Advisors (MIA) and its founder Dean Patrick McDermott are the subject of a lawsuit filed by the Securities and Exchange Commission (SEC) for allegedly \u201cdouble dipping\u201d on fees by investing clients in securities that paid fees to an affiliated broker-dealer, rather than a cheaper alternative. Clients Charged Unnecessary Transaction Fees The lawsuit alleges that McDermott and MIA put over $5.7 million of its client\u2019s assets into unit investment trusts (UITs) that charged a transaction fee, most of which was paid to a broker-dealer that was owned by McDermott, rather than a UIT with no transaction fee.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Registered Investment Advisor McDermott Investment Advisors (MIA) and its founder Dean Patrick McDermott are the subject of a <a href=\"https:\/\/www.sec.gov\/litigation\/litreleases\/2019\/lr24595.htm\" target=\"_blank\">lawsuit filed by the Securities and Exchange Commission (SEC)<\/a> for allegedly \u201cdouble dipping\u201d on fees by investing clients in securities that paid fees to an affiliated broker-dealer, rather than a cheaper alternative.<\/p>\n<p><strong>Clients Charged Unnecessary Transaction Fees <\/strong><\/p>\n<p>The lawsuit alleges that McDermott and MIA put over $5.7 million of its client\u2019s assets into unit investment trusts (UITs) that charged a transaction fee, most of which was paid to a broker-dealer that was owned by McDermott, rather than a UIT with no transaction fee. <a href=\"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#more-8540\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Registered Investment Advisor McDermott Investment Advisors (MIA) and its founder Dean Patrick McDermott are the subject of a lawsuit filed by the Securities and Exchange Commission (SEC) for allegedly \u201cdouble dipping\u201d on fees by investing clients in securities that paid fees to an affiliated broker-dealer, rather than a cheaper alternative. Clients Charged Unnecessary Transaction Fees [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1615,595,583],"tags":[],"class_list":["post-8540","post","type-post","status-publish","format-standard","hentry","category-fiduciary-duty","category-investment-fraud","category-sec-actions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Registered Investment Advisor McDermott Accused Of Defrauding Clients<\/title>\n<meta name=\"description\" content=\"McDermott Investment Advisors and its founder are the subject of a lawsuit filed by the SEC for allegedly \u201cdouble dipping\u201d on fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Registered Investment Advisor McDermott Accused Of Defrauding Clients\" \/>\n<meta name=\"twitter:description\" content=\"McDermott Investment Advisors and its founder are the subject of a lawsuit filed by the SEC for allegedly \u201cdouble dipping\u201d on fees.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Registered Investment Advisor McDermott Accused Of Defrauding Clients","description":"McDermott Investment Advisors and its founder are the subject of a lawsuit filed by the SEC for allegedly \u201cdouble dipping\u201d on fees.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/","twitter_card":"summary_large_image","twitter_title":"Registered Investment Advisor McDermott Accused Of Defrauding Clients","twitter_description":"McDermott Investment Advisors and its founder are the subject of a lawsuit filed by the SEC for allegedly \u201cdouble dipping\u201d on fees.","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/","url":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/","name":"Registered Investment Advisor McDermott Accused Of Defrauding Clients","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away-300x200.jpg","datePublished":"2019-10-07T15:50:29+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"McDermott Investment Advisors and its founder are the subject of a lawsuit filed by the SEC for allegedly \u201cdouble dipping\u201d on fees.","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#primaryimage","url":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away.jpg","contentUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2019\/05\/Away.jpg","width":300,"height":200},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/sec-lawsuit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Registered Investment Advisor McDermott Accused By SEC Of Defrauding Clients"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/8540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=8540"}],"version-history":[{"count":3,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/8540\/revisions"}],"predecessor-version":[{"id":8543,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/8540\/revisions\/8543"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=8540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=8540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=8540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}