Articles Posted in Unsuitability

Pennsylvania Financial Advisor is Accused of Making Unsuitable Recommendations 

Austin Richard Dutton, Jr., an American Trust Investment Services stockbroker, is currently the subject of a Financial Industry Regulatory Authority (FINRA) arbitration case. The self-regulatory organization (SRO) has made a preliminary determination to recommend disciplinary action against him. The Doylestown, PA financial advisor is accused of violating FINRA Rules 2111,  2010, and 4511.  

FINRA announced its preliminary determination involving Dutton in March 2021. FINRA Rule 2111 has to do with suitability and requires broker-dealers and their registered representatives to only make recommendations that are suitable for each customer.  Rule 2010 mandates that members abide by high standards of commercial honor and fair and equitable principles of trade. Rule 4511 requires FINRA members to make records and books and preserve them for at least six years. 

Ex-New York Financial Advisor Was Barred by FINRA in 2014

Nearly seven years after he was barred by the Financial Industry Regulatory Authority and fired by Ameriprise Financial Services, ex-New York broker Ted Wayne Cadwallader continues to be accused of making unsuitable investment recommendations that caused them significant losses. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating these claims. If you suffered losses while working with ex-stockbroker Ted Cadwallader, contact SSEK Law Firm today at (800) 259-9010. You can also speak with our New York unsuitability investment attorneys at  (716) 261-3529.

Vanderbilt Financial Advisor Accused of Using “Worst” Sales Tactics to Sell GPB Investments 

If you suffered financial losses while working with Vanderbilt Financial registered representative Jeffrey Lewis Gitterman, you may have grounds for pursuing damages through Financial Industry Regulatory Authority (FINRA) arbitration. 

The Edison, New Jersey broker is currently named in two pending customer disputes. He also was accused in an InvestmentNews article of being one of the brokers to employ the “worst tactics” when selling GPB private placements to customers while he was a Triad Advisors financial advisor. 

American Trust Investment Services Broker Accused of Recommending Unsuitable Investments to Investors 

David Richard Geake, an Indiana-based broker and investment advisor with American Trust Investment Services, is currently facing three customer disputes in which the claimants are accusing him of making unsuitable investment recommendations. Geake, who has been in the industry for 22 years, has 12 disclosures on his BrokerCheck, including other customer disputes. 

If you are an investor who has suffered losses while working with American Trust Investment Services broker David Geake, contact our Financial Industry Regulatory Authority (FINRA) arbitration attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Former Tucson, Arizona Financial Advisor Has Two Pending Complaints on Record

If you suffered losses while working with ex-Morgan Stanley registered representative Francisco Javier Valenzuela, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Valenzuela, who is also a former registered investment advisor, has seven disclosures on his BrokerCheck record, including two pending disputes. 

Our broker negligence attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are looking into customer claims of investment losses they experienced while working with Francisco Valenzuela or any other Morgan Stanley registered representative. If you are one of these investors, call (800) 259-9010 today.

Investors Lose $934,000 From Allegedly Unsuitable Trading Strategy

The Financial Industry Regulatory Authority (FINRA) has filed a 37-page complaint against Spartan Capital Securities registered representative, Mark Augustus Reda. The New York-based broker, who has 20 disclosures on his BrokerCheck account, is under investigation for allegedly recommending an unsuitable investment strategy and excessively trading in customer accounts.  

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is speaking to customers of Spartan Capital Securities Mark Reda who have suffered significant investment losses to help them explore their legal options. Call (800) 259-9010 or in New York call (716) 261-3529.  

Denver Financial Advisor Mark Barrand Named in Pending Customer Disputes 

Mark Allen Barrand, an Ameriprise Financial broker based in Denver, has nine customer claims on his BrokerCheck record. The most recent one, brought in February 2021, was from his time as a Cetera Advisors registered representative. 

Barrand has worked 14 years in the industry, and he is also an investment adviser. Other firms where he used to be registered include Legacy Advisor Services and Legacy Financial Services.

Ohio National Financial Services Broker-Dealer Accused of Failing to Properly Supervise 

The Financial Industry Regulatory Authority (FINRA) announced that brokerage firm O.N. Equity Sales Co., an Ohio National Financial Services brokerage firm, must pay a $1.3M penalty for not adequately supervising a former broker who is accused of recommending an unsuitable investment strategy to customers. 

The strategy involved whole life insurance policies and variable annuities (VAs). The former O.N. Equity Sales broker is no longer with the firm. He arrived at a separate settlement with the self-regulatory organization (SRO). 

Wallingford, Connecticut Investment Advisor Named in Four Pending FINRA Arbitration Cases 

If you suffered investment losses while working with Woodbury Financial Services broker, Robert Scott Ginsberg, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com). The Woodbury Financial investment advisor, who is based in Wallingford, Connecticut, is named in four pending customer disputes. 

He has been in the securities industry for 12 years. Prior to working for Woodbury Financial Services in 2016, where he is also a registered investment advisor, Ginsberg was a registered representative for Investors Capital Corp. and Investors Capital Advisory. 

SEC’s Regulation BI May Not Be Protecting Investors The Way They Think 

It has been nearly seven months since the SEC’s Regulation Best Interest (BI), a rule mandating that brokers NOT market themselves as financial advisors unless they actually are dually registered to be one, went into effect. The aim of this distinction is to let investors know whether they are working with someone who is bound to act in their best interests or not.  

While brokers are supposed only to recommend financial products to customers that are suitable for them, this recommendation can also be based on what product will earn them the highest commission. This potential conflict of interest can be financially disadvantageous to an investor.

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