Former Texas Stockbroker Founded Nest Financial in Austin
Our GPB private placement lawyers are investigating investment losses suffered by former customers of ex-SagePoint Financial registered representative, Daniel G. Dillard. Although he is no longer a registered broker, Dillard remains a registered investment advisor and the founder of Nest Financial in Austin.
He is currently named in two pending customer disputes, including one Financial Industry Regulatory Authority (FINRA) arbitration case over private placements in which the claimants are seeking $1.5M in damages.
GPB private placements have been exposed as part of a more than $1.8B Ponzi scheme that defrauded 17,000 investors. An alternative asset firm, GPB Capital Holdings invested in waste management and car dealerships. The Securities and Exchange Commission (SEC) is now suing the firm. Three of GPB’s executives are also facing federal criminal charges.
Thousands of investors have already filed broker fraud claims against the firms that unsuitability sold GPB private placements to customers and failed to carry out proper due diligence to make sure that this wasn’t a scam. SagePoint Financial is one of the dozens of broker-dealers that made over $160M in commissions from selling GPB investments.
If you suffered losses in the GPB Funds that were recommended to you by former SagePoint Financial broker Dan Dillard, contact our Texas GPB private placement lawyers at Shepherd Smith Edwards and Kantas (SSEK Law firm at investorlawyers.com) today so that we can help you explore your legal options.
GPB Auto and GPB Holdings II Were Among the Funds Unsuitably Recommended
Dan Dillard appears to have unsuitably recommended GPB Automotive Portfolio and GPB Holdings II to customers. Although his BrokerCheck record doesn’t specifically note which customer disputes involve the GPB investments, here is a summary of the disclosures listed:
- January 2021: Unsuitability related to private placements. Failure by the brokerage firm to conduct the proper due diligence. The damage amount requested is $1.5M
- June 2020: No damage amount is stated. Unsuitability, misrepresentations and omissions, and breach of fiduciary duties are alleged
- June 2018: A nearly $60K tax judgment/lien
- June 2015: Dillard was suspended by FINRA for three months for allegedly falsifying information related to commissions. He settled without denying or admitting to the findings and paid a $5K penalty
- April 2013: Was let go by LPL Financial as a broker over an altered document regarding a commission split with a bank. This appears to be related to the FINRA suspension
With 18 years in the industry, other brokerage firms where Dan Dillard used to be registered include Union Capital Company, Cuna Brokerage Services, and Merrill Lynch Pierce Fenner and Smith.
Skilled GPB Private Placement Fraud Attorneys
SSEK Law Firm has been looking into SagePoint Financial and its brokers that sold GPB investments to customers since 2019. Already, we’ve filed many FINRA arbitration claims over GPB losses against many firms, including Arkadios Capital, Triad Advisors, Pruco Securities, Ameriprise, International Assets Advisory, and others.
Alternative investments are risky investments, to begin with, and ideally should only be recommended to accredited investors. Yet, the GPB investments seem to have been recommended to many retail investors, including seniors.