Last Updated: February 2025 (Morristown, NJ)
National securities fraud lawyers at Patil Law P.C. are investigating current M Holdings Securities, Inc. broker Patrick S. Maguire (CRD #4892680) regarding allegations of negligent sales practices and failure to disclose material information in the sale of insurance products. The investigation stems from a recently filed $1.2 million customer lawsuit alleging serious misconduct in the handling of a universal life insurance policy.
Critical Insights About Morristown Financial Advisor Patrick Maguire
- Advisor Name: Patrick S. Maguire
- CRD: 4892680
- Location: Morristown, NJ
- Current Employer: M Holdings Securities, Inc.
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 1776 On The Green, 67 East Park Place, Suite 750, Morristown, NJ 07960
- Can Patrick Maguire be sued in FINRA arbitration: Yes
- Customer Disputes: One pending lawsuit
- Current Registrations: Licensed in 23 states
- Years of Experience: Since 2003
- Professional Qualifications: Series 7, 63, 65 licenses
Details Of Current Investigation
A customer lawsuit filed in December 2024 alleges:
- Failure to exercise reasonable care and diligence
- Inadequate disclosure of policy characteristics
- Insufficient disclosure of costs and pricing
- Claims related to Fixed Universal Life Insurance policy
- Damages alleged at $1,234,482.59
- Policy was signed October 27, 2021
- Case filed in Superior Court of New Jersey (Morris County)
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Due diligence practices
- Risk disclosure procedures
- Insurance product suitability
- Fiduciary duty obligations
- Sales practice compliance
- Client communication standards
- Documentation procedures
Regulatory Framework And Investor Protection
SEC Regulation Best Interest (Reg BI) requires:
- Full disclosure of material facts
- Clear communication of costs
- Appropriate due diligence
- Product suitability analysis
- Client best interest standards
- Transparent documentation
FINRA Rules And Their Significance
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Ethical business practices
- Proper disclosure protocols
- Clear client communications
- Accurate documentation
- Fair dealing with customers
Professional Background
Mr. Maguire’s career includes:
- Over 20 years in the financial services industry
- Multiple insurance and investment-related businesses
- Registered with M Holdings Securities since 2017
- Investment adviser registration in multiple states
- Extensive insurance product experience
Red Flags For Investors
- Active lawsuit alleging negligence
- Insurance product sales practices
- Disclosure adequacy concerns
- Material information issues
- Policy cost transparency
- Due diligence questions
- Documentation completeness
- Communication clarity
Implications For Current And Former Clients
Current and former clients should:
- Review all insurance policies
- Examine policy disclosures
- Verify cost structures
- Check surrender terms
- Monitor policy performance
- Document communications
- Evaluate suitability
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you purchased a life insurance policy or other financial products from Mr. Maguire and have concerns about the disclosures, costs, or suitability of your investments, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
