Securities Broker Damian Bell In Hot Water Over Alternative Investment Disputes
The Financial Industry Regulatory Authority (FINRA) reports troubling information in regard to securities broker Damian Marlon Bell (CRD#: 2348521, Daphne, Alabama). Notably, the securities broker, who worked for firms including International Assets Advisory, International Assets Investment Management, and WFG Investments, has been targeted by at least 10 investors who filed lawsuits alleging various sales practice violations. Here’s a quick rundown of the recent disputes involving Bell.
International Assets Advisory Client Indicates That Damian Bell Violated Securities Statutes
A client of International Assets Advisory claims to have experienced harm because of Damian Bell. Specifically, in the October 2020 lawsuit, the client alleged breach of contract and violation of securities laws. Those allegations concern the client’s purchases of alternative investments. It is possible that Bell recommended or sold them. Evidently, the client asked for $500,000 in damages in this ongoing matter.
Arbitrator Awards Millions To Client Who Alleged That Bell Breached Fiduciary Duty
Notably, a client of WFG Investments (Bell’s employer from 2010 to 2017) brought a lawsuit in 2017 regarding Damian Bell. Allegedly, Bell failed to do the required due diligence on alternative investments including private placements. Secondly, the client alleged that Bell breached a fiduciary duty. Because of this, the Arbitrator awarded the client $5,054,000 in damages in August 2019.
WFG Investments Client Alleges Unsuitable Investments In Claim About Damian Bell
Apparently, a WFG Investments client complained about Damian Bell in June 2018. Supposedly, Bell sold an unsuitable ETN or mutual fund to the client. Not only that, but the client raised concerns about commissions resulting from their securities purchases. However, WFG Investments denied this dispute in July 2018.
Evidently, other clients alleged that Damian Bell sold unsuitable investments or made unsuitable recommendations. Also, multiple clients indicated that Bell misrepresented facts regarding investments including REITs. Some of these disputes settled while others closed without resolutions.
Did You Experience Losses By Investing Through Damian Bell?
Have you experienced losses because of Damian Bell? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Bell denies all allegations of his sales practice violations.