Investors Take Aim At Craig Sutherland In Suitability Disputes
Soreide Law Group is evaluating whether to bring investor lawsuits against securities broker Craig Alan Sutherland (CRD#: 2001873, Columbus, Ohio). Of particular concern is that the securities broker, who works for Money Concepts Capital Corp as both a securities broker and financial advisor, is involved in a number of investor disputes. Also, both FINRA and Ohio Division of Securities sanctioned Sutherland for violating regulatory rules. Here’s more on these disclosures.
Money Concepts Client Indicates Negligence, Suitability In Dispute About Craig Sutherland
Evidently, a client of Money Concepts Capital Corp initiated a lawsuit about Sutherland in July 2018. Specifically, Craig Sutherland is accused of negligence in the sale or recommendations of investments to the client. It seems that the client invested in one or more unsuitable annuities, stocks or real estate securities. Also, the dispute contains allegations of negligence and failure to conduct due diligence. Further, Money Concepts Capital Corp allegedly failed to supervise Sutherland. For these reasons, the securities firm opted to settle by paying $401,200 to the client in August 2019.
Sutherland Supposedly Sold Annuities, Equities Without Due Diligence
Apparently, a Money Concepts Capital Corp client took aim at Craig Sutherland through a March 2018 FINRA Arbitration Claim. Namely, the client made accusations of Sutherland failing to conduct due diligence on investments before the client purchased them. It seems that Sutherland may have advised the client to buy bad annuities or over-the-counter equities. Secondly, the client supposedly purchased unsuitable investments. Thirdly, Sutherland was purportedly negligent and unsupervised by Money Concepts Capital Corp. The firm or Sutherland also allegedly broke industry rules. Because of this, Money Concepts Capital Corp opted to settle this matter through making a $90,000 payment to the client. Accordingly, this matter closed May 2019.
Money Concepts Capital Corp Ordered To Pay Client In Dispute About Craig Sutherland
In a FINRA Arbitration Claim that commenced February 2018, the clients alleged a number of sales practice violations about alternative investments. Specifically, according to the Case Summary, Craig Sutherland had discretionary authority over the client’s accounts. The securities broker reportedly misrepresented risks of investments in Tanzanian Royalty Exploration Corporation (TRX), NGAS Partners 2009-A, and gold funds. Other allegations include breach of fiduciary duty, breach of contract, fraud, suitability, and violation of Ohio Securities Act. The Arbitrators found Money Concepts Capital Corp liable in March 2019 and mandated their payment of $698,979.
Regulatory Sanctions Against Sutherland
Notably, Ohio Division of Securities suspended Craig Sutherland from June 2020 to November 2020 to resolve allegations of his sales practice violations. First, the Division alleged that Sutherland made unsuitable recommendations. Secondly, the securities broker supposedly breached a fiduciary duty. Thirdly, the Division claimed that Sutherland made false and misleading statements to clients.
Not only that, but FINRA also suspended and fined Craig Sutherland in 2018 for violating FINRA rules on business-related communications. It seems that Sutherland used his personal email to talk to clients about investments.
Losses From Craig Sutherland?
Craig Sutherland denies allegations of his sales practice violations. Have you experienced losses by investing with this securities broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to securities brokers and financial advisors.