Soreide Law Group Files FINRA Arbitration Against FIRST DALLAS SECURITIES INC and Broker, GARY M. BRADSHAW

The Soreide Law Group recently filed a FINRA arbitration on behalf of their client (Claimant) against FIRST DALLAS SECURITIES INCORPORATED and their registered representative, GARY M. BRADSHAW (CRD# 1389924).
The Claimant, is a retired widow from Texas, whose husband passed away in 2008. The Claimant met FIRST DALLAS broker, BRADSHAW, through her now deceased mother and both lived off the income from their investments. They both had built conservative portfolios of income producing investments to sustain them through retirement. They were completely reliant upon FIRST DALLAS broker, BRADSHAW, for all investment advice and allowed him to act on their behalf, believing he was always acting in their best interest.
In 2013, BRADSHAW allegedly began transitioning the Claimant’s accounts from conservative bonds to large concentrated positions of oil and gas related investments. By 2014 BRADSHAW had concentrated over 100% of the Claimant’s account into 3 oil and gas investments, CVR Partners, LP, Kinder Morgan, and Legacy Reserves, LP. Due to the devastating losses in oil and gas stocks, the Claimant suffered over $160,000 in losses to her irreplaceable retirement savings.
Upon the passing of her mother, the Claimant learned as executor of her mother’s estate that BRADSHAW concentrated over 20% of her mother’s account into CVR Partners and Legacy Reserves in an account that previously was 100% invested with investment grade bonds.
Allegedly there was no hedging or stop loss strategy implemented in the accounts and the Respondent’s unsuitable recommendations have now cost the Claimants over $250,000 of losses.
The lawsuit alleges that while with FIRST DALLAS SECURITIES INCORPORATED, the Claimant fell victim to breach of fiduciary duty, breach of contract, negligence, and negligent supervision over their registered representative, GARY MACK BRADSHAW, who over concentrated the Claimant’s account into speculative energy stocks without disclosing the true nature and risk of maintaining these investments in such large concentrations. This strategy was completely unsuitable for the Claimant and the Respondents made no attempt to protect her life savings.
GARY M. BRADSHAW (CRD# 1389924) has been registered in the securities industry for 31 years and is registered with the following firm since 02/1990:
FIRST DALLAS SECURITIES INCORPORATED
2905 MAPLE AVE.
DALLAS, TX 75201
If you or a loved one had large concentrated positions in oil and gas related investments with First Dallas Securities Incorporated broker, Gary M. Bradshaw, or any other broker/dealer, call (888) 760-6552 for a free consultation with an attorney. Soreide Law Group handles cases nationwide before FINRA and operates on a contingency fee.