ARRY SAVAGE Misrepresent Your Investments?
Soreide law Group is reviewing possible investor claims against Wall Street Strategies securities broker Garry Savage Sr. (CRD#: 1195330, Huron, Ohio). Evidently, the Financial industry Regulatory Authority (“FINRA”) sanctioned the broker after Wall Street Strategies disaffiliated with him June 7, 2017. Particularly, FINRA suspended Savage August 16, 2018 for allegedly failing to pay a FINRA Arbitration Award. Here’s more on the issue:
FINRA Arbitrator Finds Garry Savage Responsible For Selling Unsuitable Alternative Investments
FINRA BrokerCheck shows that clients of Wall Street Strategies filed a FINRA Arbitration #16-02054 on July 14, 2016. Evidently, the clients brought the dispute concerning bad investments including Phillips Edison-ARC Shopping Center REIT, Inc.; Fuel-From-Waste, LLC; Magnum Hunter; Commonwealth Private Funds 5, LLC; Amer. Fin. Trust; ARC Global Trust, Inc.; American Realty Capital Trust V; Genesis Drilling Program; U.S. Energy Strategic Fund III; Phillip Edison ARC Grocery Center REIT II; and Strategic Energy Income Fund III.
First of all, the FINRA Arbitration Panel found that Garry Savage and Wall Street Securities violated the Florida Securities and Investor Protection Act. Secondly, the Panel found Savage did not conduct due diligence on those investments. Thirdly, the investments did not fit with the clients’ financial profile – Savage therefore had no basis to believe that the investments were suitable. Fourth, Savage reportedly placed his interest ahead of the clients, breaching a fiduciary duty. Finally, the Arbitrator found Savage violated the Ohio Securities Act. Therefore, the Arbitrator issued an Award on June 1, 2017, mandating that Savage and Wall Street Securities pay compensatory damages totaling $557,874.21, plus costs and attorneys’ fees. FINRA says that as of August 16, 2018, Savage did not pay the Award. For this reason, FINRA suspended him from acting as a broker until he pays up or is no longer responsible.
Investor Files Lawsuit Claiming Savage Committed Fraud
Also, FINRA shows that Advanced Strategies Inc. and Wall Street Strategies investors filed Lawsuit #2014-CV-0018. Allegedly, Garry Savage failed to comply with his fiduciary responsibilities to those clients. Secondly, the plaintiffs contend that Savage acted negligently by misrepresenting information relating to their investments. Finally, Savage allegedly committed a fraud against the clients. Apparently, the parties settled this matter February 18, 2019 by paying the clients $31,000.
FINRA Suspends Garry Savage For Failing To Disclose Arbitration
Previously, FINRA suspended Garry Savage for failing to disclose an arbitration claim and for failing to respond to FINRA requests. Namely, Savage submitted a Letter of Acceptance, Waiver, and Consent (“AWC”) #: 2017052426201 on June 12, 2018, which FINRA accepted June 13, 2018. Namely, FINRA says Savage violated FINRA By-Laws and FINRA Rules because he did not report the investor’s FINRA Arbitration #16-02054. Supposedly, Savage tried to conceal that a client alleged sales practice violations against him. Further, FINRA says Savage violated FINRA Rules because he did not provide information in connection with its examination of Wall Street Securities.
Experienced losses by investing with securities broker Garry Savage? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.