Former Customers of SagePoint Financial Broker Christopher Bice Seek More Than $2M in Damages
Unsuitability Involving Private Placements Alleged
Our unsuitable investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are looking into customer complaints involving SagePoint Financial stockbroker, Christopher R. Bice.
His BrokerCheck record shows a number of pending investment fraud claims including at least two customer disputes involving private placements. The claimants are collectively seeking over $2M in damages. Bice, a Greensboro, North Carolina broker, is also an investment advisor.
Call (800) 259-9010 so that SSEK Law Firm can help you explore your legal options.
SagePoint Financial Broker Accused of Unsuitability, Misrepresentations and Inadequate Supervision
Christopher Bice’s BrokerCheck record notes five disclosures, most of which were filed within the last year. Of these disclosures, only one has settled while the rest are all pending. The claims against him are the following:
- July 2020: This claimant is seeking $300K in damages and alleges unsuitability involving private placements.
- February 2020: This customer dispute notes that a settlement was reached with SagePoint Financial over the allegedly unsuitable recommendation of private placements. However, no final amount is noted.
- November 2018: The customer is seeking $1M in damages and alleges unsuitability, overconcentration, failure to supervise, and misrepresentations.
- February 2018: This investor is seeking $750K in damages and also alleges overconcentration, inadequate supervision, unsuitability, and misrepresentations.
- April 2002: UBS PaineWebber terminated Bice’s employment as a broker for the firm.
Christopher Bice has worked in the industry for 21 years. Other brokerage firms where he has been registered include SunAmerica Securities, Centermark Advisory Services, and A.G. Edwards and Sons.
SagePoint Financial Brokers Sold GPB Private Placements
Although Christopher Bice’s BrokerCheck record doesn’t specify which private placements he sold, SagePoint Financial is one of the broker-dealers whose registered representatives recommended GPB Capital Holdings private placements to customers.
GPB is accused of operating an over $1.8B Ponzi scam. It is facing a US Securities and Exchange Commission (SEC) fraud lawsuit and its founder and other executives are also defendants in a parallel criminal case. Meanwhile, thousands of investors have suffered significant losses in the GPB funds even as the brokers that sold them earned high commissions.
Private placements are illiquid risky investments and are not suitable for many investors. Yet, they are often recommended to customers whose risk tolerance levels, financial profiles, and investing goals are not the right fit for this type of product. This can lead to investment losses and may be grounds for an investor claim.
Seasoned Private Placement Fraud Attorneys
Our private placement fraud lawyers are here to help you determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Call (800) 259-9010 or contact SSEK Law Firm online.