Soreide Law Group is investigating potential investor claims of bad business practices by securities broker David Geake [CRD#: 3088891, Northbrook, Illinois]. Notably, Financial Industry Regulatory Authority (FINRA) BrokerCheck reports that no less than 6 clients contested the securities recommendations or sales of the securities broker, who associated with Ausdal Financial Partners from February 29, 2016 to September 17, 2018 and who joined American Trust Investment Services, Inc. on September 14, 2018. Notably, clients of Ausdal Financial Partners and Madison Avenue Securities LLC suggest that Geake gave bad investment advice. The following contains a summary of some alarming information concerning Geake’s advice and trading practices:
Evidently, a client of Ausdal Financial Partners contested David Geake’s securities transactions by making a complaint dated October 30, 2019. Allegedly, Geake recommended bad investments. It seems that these investments failed to align with the client’s risk tolerance or some other aspect of the client’s investment profile. Allegedly, the securities broker also misrepresented the investments. Apparently, the direct participation program interests or limited partnership interests which Geake recommended caused the client to sustain losses. Consequently, the client demanded compensation from Ausdal Financial Partners or Geake in the amount of $70,000 in this ongoing matter.
Apparently, on September 20, 2019, a second Ausdal Financial Partners client made a formal complaint concerning David Geake. Mainly, the client contended that Geake recommended inappropriate investments including BDCs, real estate securities and annuities. Apparently, those investments conflicted with the client's risk tolerance or liquidity needs. Consequently, the client requested $53,000 in compensation from Ausdal Financial Partners or Geake. However, this complaint closed without resolution. Apparently, Ausdal Financial Partners disaffiliated with Geake on September 14, 2018 for facilitating securities transactions away from the firm.
Notably, on June 12, 2017, a Madison Avenue Securities client brought an investment dispute concerning David Geake. Notably, the client asserted that Geake falsified information about investments or otherwise misled the client. Allegedly, the securities broker also breached a fiduciary duty, placing his interests ahead of the client. The securities broker also allegedly recommended unreasonable investments or transactions. Apparently, the client experienced losses by purchasing fixed annuities and real estate securities and business development companies. Therefore, on September 7, 2018, Madison Avenue Securities resolved this issue through compensating the client $40,000 in damages.
Apparently, a second client of Madison Avenue Securities contested David Geake’s securities business by placing a complaint dated April 17, 2018. Allegedly, Geake sold the client equipment leasing products and real estate securities that conflicted with the client's investment profile. Not only that, but the securities broker allegedly overconcentrated the client's account in speculative investments causing the client to take on increased risk of losses. Consequently, the client demanded compensation from Madison Avenue Securities or Geake in the amount of $200,000 in this ongoing matter.
Have you experienced losses by investing with David Geake? 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 misconduct of securities brokers like Geake and their employing brokerage firms.
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