Soreide Law Group is actively investigating potential claims on behalf of investors who may have sustained losses due to the actions of securities broker David Richard Geake (CRD: 3088891, Chicago, Illinois). Geake has been affiliated with American Trust Investment Services, Inc. from September 14, 2018, to May 30, 2023, and before that with Ausdal Financial Partners, Inc. between February 29, 2016, and September 17, 2018. Evidently, Geake has been the subject of investor allegations, including suitability, failure to supervise, and negligence. Moreover, he has been sanctioned by FINRA for infractions related to private securities transactions.
Notably, on August 9, 2023, an American Trust Investment Services, Inc. client filed FINRA Arbitration: 23-0934 about David Geake. Specifically, the client alleged suitability, failure to supervise, negligence, breach of contract, breach of fiduciary duty, and misrepresentation. Due to this, the client supposedly sustained damages on products including fixed annuities, equities, and other alternative investments. Therefore, the client requested at least $100,000 in compensation from American Trust Investment Services, Inc. or Geake. Evidently, this arbitration is pending a resolution.
Also, FINRA issued Case: 2021072679901 on July 10, 2023, sanctioning David Geake for infractions. Supposedly, Geake participated in a private securities transaction without giving written notice to his employer, Ausdal Financial Partners, Inc. Namely, Geake purportedly solicited a couple to pledge securities as collateral for a loan, facilitated the transaction, and invested in the company involved. Notably, the company defaulted on the loan, causing the couple to repay a $2.5 million loan with interest. As a result of these actions, Geake received a permanent bar sanction, affecting all capacities from July 10, 2023, indefinitely. However, he neither admitted nor denied FINRA’s findings.
Additionally, a client of Ausdal Financial Partners, Inc. contested David Geake's sales practices by filing a complaint on June 23, 2023. Allegedly, Geake sold unsuitable investments, lacked due diligence, and failed to supervise related to the purchase of GWG L Bonds in January 2017. It appears that Geake caused the client to sustain damages on the bond transactions. Therefore, the client seeks compensatory relief from Ausdal Financial Partners, Inc. or Geake in the amount of $50,000 in this ongoing matter.
Moreover, on June 2, 2023, a client of Ausdal Financial Partners, Inc. filed a complaint about David Geake. Specifically, the client alleged that Geake violated securities laws, breached fiduciary duty, failed to supervise, and unjustly enriched himself. As a result, the client purportedly incurred damages related to the GWG L Bonds. Therefore, the client sought $42,000 in compensation from Ausdal Financial Partners, Inc. or Geake. However, the statement of claim was later withdrawn because the product at issue was purportedly redeemed by the client.
Evidently, a client of Madison Avenue Securities contested David Geake's sales practices by filing FINRA Arbitration: 23-00031 on January 9, 2023. The client alleged that Geake made unsuitable recommendations of alternative investments, particularly DPPs and LPs. It appears that this led the client to sustain damages amounting to $60,000. Therefore, the client seeks relief from Madison Avenue Securities or Geake in this ongoing matter.
Also, a client of Ausdal Financial Partners, Inc. filed a complaint about David Geake on January 17, 2023. The client accused Geake of failing to exercise due diligence, breaching fiduciary duty, misrepresenting facts, and breaching contract, particularly with regard to GWG L Bonds. Consequently, the client claimed to have suffered $39,000 in damages. Ausdal Financial Partners, Inc. chose to settle the dispute on June 1, 2023, by compensating the client $14,999, without any contribution from Geake.
If you have invested with David Geake and experienced financial losses, particularly in products like fixed annuities, equities, and other alternative investments, you may be entitled to compensation. Did you suffer financial harm? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered money for investors throughout the United States, works on a contingency fee basis, and advances all costs. Geake and the brokerage firms he worked for deny accusations of sales practice violations.
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