Soreide Law Group is reviewing potential investor claims to be brought against securities broker Craig Alan Sutherland (CRD#: 2001873, Columbus, Ohio). Evidently, Sutherland worked for Money Concepts Capital Corp as a securities broker from May 1994 to May 2021. Notably, 10 investors filed disputes alleging sales practices, some of which settled, were denied, or resulted in an award of compensation to a client. In addition, regulators, including Ohio Department of Insurance, Ohio Division of Securities, and FINRA, sanctioned Sutherland between 2017 and 2020. Here’s more about the recent disclosures concerning Sutherland.
Evidently, a client of Money Concepts Capital Corp filed a FINRA Arbitration Claim about Sutherland in July 2018. The Statement of Claim alleges unsuitable investments, negligence, failure to supervise, and failure to conduct due diligence. Supposedly, the client sustained damages in connection with real estate security, variable annuity, and stock transactions. It appears that in April 2019, Money Concepts Capital Corp agreed to settle this matter by paying the client $401,200. The firm did not admit fault.
Also, a client of Money Concepts Capital Corp came forward in February 2018 with a dispute about Sutherland. First of all, Sutherland allegedly made unsuitable trades. Secondly, the client alleged negligence and failed due diligence on over-the-counter equities, real estate securities, and annuities transactions. Further, Money Concepts Capital Corp purportedly failed to supervise Sutherland. Because of this, Money Concepts Capital Corp, without admitting or denying the allegations, opted to pay $600,000 to the client in this July 2019 settlement.
Notably, investors brought a FINRA Arbitration Claim in February 2018 against Money Concepts Capital Corp. The Statement of Claim alleges violation of Ohio Securities Act, suitability, negligence, failure to conduct due diligence, breach of fiduciary duty, breach of contract, and failure to supervise. It appears that the client brought this claim because of Sutherland, who apparently had discretionary authority over the investors’ account. Supposedly, Sutherland misrepresented an investment opportunity in a private placement known as NGAS Partners 2009-A; a mineral resources company known as Tanzanian Royalty Exploration Corporation (TRX); and gold funds.
Moreover, the investors contended that Sutherland put them in variable annuities, which were allocated in cash without the clients’ permission. Supposedly, the client sustained losses on the alternative investments and lost opportunities by money being invested in cash when the markets rose. FINRA determined that Money Concepts Capital Corp was liable. Because of this, the Arbitration Panel required the firm to pay $698,979.00 in damages, plus interests, costs, and attorney’s fees. Sutherland was not found liable; however, the Panel denied the removal of this dispute from his record.
Evidently, FINRA issued Sutherland a 15-day suspension and a $5,000 fine for violating FINRA rules in 2018. Particularly, the regulator claimed that Sutherland used unauthorized emails and sent emails to individuals containing exaggerated, inaccurate, unwarranted, or promissory representations concerning a security.
Not only that, but Ohio Division of Securities issued Sutherland a 6-month suspension (June to November 2020) to resolve allegations of misleading statements to clients, breach of fiduciary duty, and unsuitable recommendations concerning TRX shares and non-traded REITs.
Did securities broker Craig Sutherland cause you to experience losses on alternative investments, including TRX and non-traded REITs? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Sutherland denies all allegations of his sales practice violations.
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