Shepherd Smith Edwards and Kantas Is Investigating

FINRA suspended former Realta Equities broker Gilbert Conrad after discovering he secretly paid clients $139,000 to settle disputes outside his firm, adding to a history of customer claims alleging over $2 million in losses from unsuitable recommendations and overconcentration. Securities law firm Shepherd Smith Edwards and Kantas is currently investigating claims on behalf of Conrad’s former clients to evaluate grounds for filing FINRA arbitration recovery lawsuits.

The Financial Industry Regulatory Authority (FINRA) has suspended previously registered New York broker Gilbert Russell Conrad (G. Russell Conrad) after finding that he paid two clients $139,000 to settle complaints without telling his broker-dealer of record at the time. Brokers are not allowed to privately resolve customer disputes. The secret client payments were discovered after the two customers went on to file FINRA arbitration claims.