Former Woodrock Securities, L.P. and Campfire Capital Broker, Sean McDevitt, Suspended by FINRA

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Sean Daniel McDevitt for six months from the securities industry over allegations that Mr. McDevitt, while associated with Woodrock Securities, L.P. in Houston, Texas, participated in four private securities transactions totaling $600,000 without notice to or approval from his firm.  FINRA also fined Mr. McDevitt $10,000.

Mr. McDevitt was a financial advisor with Woodrock Securities, L.P. in Houston, Texas, from November 2015 until December 2016.   He was then registered with Campfire Capital in Chappaqua, New York, from July 2017 until January 2021.

If you have lost money with broker Sean McDevitt, Woodrock Securities, L.P., or Campfire Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019061982001

On February 25, 2021, Mr. McDevitt and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”).  The AWC includes the following factual findings:

  • From August 20, 2015, through June 9, 2016, Mr. McDevitt solicited investors to purchase promissory notes in SENSEI, LLC, a software platform company for which Mr. McDevitt served as chairman and CEO.
  • McDevitt solicited four investors who purchased promissory notes on August 20, 2015, January 8, 2016, February 26, 2016, and June 9, 2016, for a total of $600,000.
  • The investors were not customers of Woodrock Securities, L.P.
  • McDevitt signed the promissory notes on behalf of SENSEI, LLC. The promissory notes were securities and, in fact, stated on the document that they were securities.
  • Woodrock Securities, L.P. prohibited its registered representatives from participating in private securities transactions without providing written notice to the firm.
  • McDevitt failed to provide Woodrock Securities, L.P. with prior notice or obtain the firm’s advance approval for his participation in these private securities transactions.
  • By participating in private securities transactions away from the firm, Mr. Reed violated FINRA Rules 3280 and 2010.

Financial Advisor Sean Daniel McDevitt (CRD No. 2786216)

Mr. McDevitt has seven years of experience in the securities industry and has been associated with five different firms.  He averages just over one year at each firm.

Mr. McDevitt’s public CRD report discloses the following financial liens judgments:

  • May 22, 2017: $1,429,104.84 IRS tax lien.
  • June 28, 2018: $152,196.51 civil judgment in the state of Florida.
  • September 18, 2018: $46,330.71 IRS tax lien.
  • April 1, 2019: $68,234.68 IRS tax lien.
  • April 17, 2019: $185,820.01:  IRS tax lien.

Concerning the IRS tax liens, Mr. McDevitt provided the following comment: “I was assessed by the IRS without an audit. This tax and the subsequent lien are in dispute.”

Woodrock Securities, L.P. and Campfire Capital:  A Duty to Supervise

Financial institutions, like Woodrock Securities, L.P., and Campfire Capital, must properly supervise financial advisors and customer accounts.  Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as private securities transactions, to ensure compliance with securities laws and industry regulations.   When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

How to Recover Losses or Obtain a Free Consultation

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

If you have lost money with Sean McDevitt, Woodrock Securities, L.P., or Campfire Capital, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.

Contact Information
1 World Trade Center, 85th Floor
New York, NY 10007
Toll Free: (855) 430-4010
Iorio Altamirano LLP represents clients throughout the nation, including, but not limited to, those in the following localities: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Dallas–Fort Worth, Denver, Detroit, Honolulu, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, Pittsburgh, Portland, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, Tampa–St. Petersburg, and Washington, D.C. View More

ATTORNEY ADVERTISING
Prior results do not guarantee a similar outcome.
*We do not collect a fee unless we obtain a recovery via settlement or judgment. You may, however, be responsible for costs and expenses the firm has advanced according to the terms of your agreement with the firm. Advanced costs and expenses may be recovered by the firm by deducting the expense from the gross recovery of any settlement or judgment.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2024, Iorio Altamirano LLP
JUSTIA Law Firm Blog Design