Broker Dean Nowak Under Fire For Bad Advice At Taylor Capital Management
Investor Alert! Soreide Law Group provides this update in regard to a problem securities broker by the name of Dean R. Nowak (CRD#: 1091819, Winter Park, Florida). Notably, FINRA BrokerCheck shows that the securities broker, who worked for Taylor Capital Management and Newbridge Securities Corporation, sold unsuitable and misrepresented investments. It also seems based on these disclosures that Nowak horribly advised a number of clients on non-traded REITs and annuities. Here’s more on the alarming allegations against him.
Taylor Capital Management Complains About Dean Nowak’s Misrepresentations
Evidently, a Taylor Capital Management client leveled accusations against Dean Nowak in an April 2020 complaint. Apparently, Nowak failed to be forthcoming with the client regarding investments in a fixed annuity and real estate investment trust. It seems that Nowak lied to the client regarding features and risks. Not only that, but it appears that Nowak inaccurately detailed the liquidity and the time horizon for those investments. Finally, the client suggested that Nowak sold unsuitable investments. It seems that the client’s financial needs and risk tolerance conflicted with the investments which Nowak positioned. For this reason, the client demanded $100,000 in this ongoing matter.
Nowak Allegedly Gives Improper Advice About NorthStar REIT
Also, a client of TCM Securities lodged a complaint in March 2019 as it related to Dean Nowak’s sales of REITs. Particularly, the client took issue with Nowak’s recommendations of NorthStar Healthcare Income REIT, which was seemingly unprofitable and problematic. Apparently, when Nowak made the recommendations, he misrepresented facts about the aggressive investments. Not only that, but the client suggested that Nowak withheld information and even misled the client. For these reasons, the client brought a claim for compensatory relief; however, the matter was denied in April 2019.
TCM Securities Client Accuses Dean Nowak Of Falsehoods When Recommending Annuities
The FINRA BrokerCheck Report for Dean Nowak also shows a lawsuit from September 2018. First of all, the client suggested that Nowak took the managers of the client’s funds out of the picture, leaving the client with no way to manage her investments. In addition, the client suggested that Nowak told the client lies and had omitted facts to induce a replacement of a variable annuity with an indexed annuity which could have been unnecessary. Evidently, TCM Securities opted to pay the client $17,602.33 to settle the matter in March 2019.
Notably, prior investment disputes indicate that Dean Nowak breached a fiduciary duty, failing to place clients’ interests before his own. Some clients even suggested that Nowak was deceptive.
Employers Distance Themselves From Nowak
Summit Brokerage Services, who Dean Nowak used to work for, disaffiliated with him for unsuitable investment recommendations. Also, Signator Investors disaffiliated with Nowak for numerous violations of company policy and his failure to follow orders while under special supervision. FINRA BrokerCheck confirms that Nowak presently works in Newbridge Securities Corporation’s Winter Park, Florida offices.
Did Broker Dean Nowak Sell You Bad Investments?
Have you experienced losses by investing with securities broker Dean Nowak? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers and financial advisors like Nowak.