Soreide Law Group is reviewing possible claims of unsuitability against Sagepoint Financial, Inc. securities broker Bruce Albert Slater (CRD#: 1547792, Northville, Michigan). Investors should take caution if investing with Slater because customers of Sagepoint and Transamerica Financial Advisors (Slater’s prior employer) filed disputes against him. For example, take a look at some of the customer disputes Slater reports on his Financial Industry Regulatory Authority (FINRA) BrokerCheck Profile:
A customer of SagePoint Financial brought an investment dispute on July 28, 2017. According to the customer, Bruce Slater failed to give the customer paperwork relating to the customer’s variable annuity investment. Not only that, but Slater allegedly placed the wrong assets in the customer’s individual retirement account. As a result, the customer suffered penalties and tax consequences. Therefore, the customer requested compensatory relief. However, this claim apparently closed on July 13, 2018.
A Transamerica Financial Advisors, Inc. customer brought FINRA Arbitration #16-02718 on October 7, 2016. According to the customer, Bruce Slater did not explain the risks of direct investments including oil & investments and annuity products. Supposedly, Slater also recommended a bad risky investment strategy. This strategy failed to match the customer’s goals of protecting principal from market losses. All things considered, on April 6, 2017, Transamerica Financial Advisors, Inc. opted to settle the customer’s suitability claim by paying the customer $905,000.00.
Also, Slater reports on FINRA BrokerCheck that a Transamerica Financial Advisors Inc. customer brought FINRA Arbitration #16-00132 on June 1, 2016. Mainly, this Arbitration concerns Slater’s sales of ISPCS investments. Allegedly, Slater invested the customer’s money in bad investments which caused the customer to experience substantial losses upon sale. Eventually, Transamerica and the customer agreed to settle the matter on November 30, 2016. Notably, records show that Slater personally contributed funds towards the $133,000.00. settlement.
On November 24, 2014, a customer of Transamerica disputed Slater’s sales practices by filing FINRA Arbitration #1H-03503. Supposedly, Slater advised the customers to place their funds in a direct investment, Ridgewood Energy Fund. Allegedly, this was not a suitable investment for the customers; it failed to support their risk tolerance or objectives. Given the allegations of suitability, Transamerica elected to pay the customers $60,000.00 to settle the matter on December 30, 2015.
Experienced losses from broker Bruce Slater or another registered representative who misrepresented investments or sold you unsuitable securities? If so, contact Soreide Law Group at (888) 760-6552 and speak with our qualified counsel about a possible recovery of your losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of losses.
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