Douglas Hyer Involved In Investor Disputes

Securities Broker Doug Hyer (First Allied Securities) Involved In Investor Dispute

New information is reported on BrokerCheck as it relates to securities broker Douglas “Doug” Keith Hyer (CRD#: 254358, Great Neck, New York). Specifically, FINRA reports that four investors filed disputes about the securities broker, and these concern Hyer’s actions at various institutions where he worked including First Allied Securities. Here’s a brief overview of these disputes, and what you could do if you incurred losses.

First Allied Securities Client Alleges Unsuitable Alternative Investments In Dispute About Doug Hyer

Evidently, a client of First Allied Securities Inc. took aim at Doug Hyer through a FINRA Arbitration Claim dated April 2019. Allegedly, Hyer was the client’s financial advisor. He supposedly had the client invest in unsuitable securities. This included alternative investments including REITs, DPPs, LPs and equipment leasing securities. It appears that the client took issue with the liquidity and risk of these investments. Also, they felt that investments were not appropriate because of the client’s liquidity needs and net worth. In addition, Hyer is accused of misrepresenting information relating to those investments. For this reason, First Allied Securities opted to settle this matter through making a $15,000 payment to the client in June 2019.

Cambridge Investor Alleges Unsuitable Trading, Churning

Notably, a client of Cambridge Investment Research disputed Doug Hyer’s sales practices. Allegedly, the broker engaged in unsuitable trading of mutual funds. In addition, the client alleged that Hyer churned their account. All things considered, the securities firm agreed to pay the client $190,000 in a settlement of this matter.

Raymond James Financial Services Client Disputes Doug Hyer’s Practices

In another dispute, a client of Raymond James Financial Services express displeasure with Doug Hyer’s mutual fund trading. Allegedly, the client invested in unsuitable investments, and this caused harm to their account. However, Raymond James denied this investor’s dispute.

Linsco Private Ledger Corp Client Questions Suitability Of Investment

In the first dispute reported on Doug Hyer’s record, a client of Linsco Private Ledger Corp alleged unsuitable transactions with mutual funds. Those investments supposedly failed to comport with the client’s investment objective and poorly performed. However, Linsco Private Ledger Corp denied this investor’s dispute.

Did You Suffer Damages By Investing Through Doug Hyer?

Did you experience losses because of broker Doug Hyer? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for hundreds of United States investors who have incurred losses because of their financial advisors and securities brokers. Please note that Hyer denies all allegations of his sales practice violations.