oreide Law Group has been contacted by investors who were allegedly recommended they invest in “Aurora” with former CUSO FINANCIAL SERVICES, broker, ERIC OLIN SHANKS (CRD#: 2724083). Shanks allegedly recommended these clients invest in “Aurora” with former Cuso Financial and barred broker, Conrad Bautista.
The selling of investments such as “Aurora,” is also known as “selling away.” The broker allegedly sells investments outside of the firm where the broker is registered.
According to FINRA’s BrokerCheck, ERIC OLIN SHANKS, was discharged from CUSO FINANCIAL SERVICES, LP, in April of 2014, following allegations that the, “Representative failed to disclose surrender of a fixed annuity to fund a variable annuity purchase.” Shanks has 9 Disclosures on his report, 8 of the Disclosures are “Customer Disputes.”
There was a recent Customer Dispute filed against ERIC OLIN SHANKS in February of 2019, still pending, that is alleging, “Arbitration filed which alleges representative solicited client to purchase unapproved investments away from the firm through a third party. Allegations include breach of fiduciary duty and failure to supervise. Representative was discharged by the Firm on 4/28/2014 for unrelated reasons.” The requested damage amount is, $688,000.00.
In March of 2018, a Customer Dispute filed against ERIC OLIN SHANKS was settled following allegations, “Client alleges representative, and/or another representative, Conrad Bautista, sold unapproved investments to client away from firm beginning in 2012 and through 2014. Representative was discharged by firm on 4/28/2014 for unrelated reasons.” The settlement amount was $67,250.00.
CONRAD TAMBALO BAUTISTA (CRD#: 1582353) was barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm in May of 2013. According to FINRA’s BrokerCheck, Bautista was barred due to failure to provide information and documents to FINRA in connection with an investigation into whether Bautista may have allegedly engaged in fraudulent investment schemes, been involved in undisclosed outside business activities and/or private securities transactions, borrowed money from clients and/or failed to disclose an IRS tax lien on his form U4. Bautista was with CUSO FINANCIAL SERVICES, LP of RICHARDSON, TX 01/04/2010 – 03/26/2013.
ERIC OLIN SHANKS, according to FINRA’s BrokerCheck, has been in the securities industry for 18 years and was listed with 5 firms, the most recent listed below:
07/22/2004 – 05/23/2014 CUSO FINANCIAL SERVICES, LP – RICHARDSON, TX
If you’ve suffered losses due to investments in “Aurora,” recommended by Conrad Bautista and/or Eric Olin Shanks, both formerly of Cuso Financial Services of Richardson, Texas, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you, regarding the possible recovery of your investment through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.