Soreide Law Group is currently investigating claims and sales practices of broker, ROBERT SCOTT SMITH (ROBERT SMITH) CRD#: 1412333 of Lake Oswego, Oregon. Smith is currently registered with Concorde Investment Services since 2011. Soreide Law Group was contacted by a client of broker, Robert Smith, who was sold GBP Automotive.
GBP Automotive Portfolio, LP is a private placement investment that is designed to pay distributions to its limited partners. Private placements are available to only accredited investors. Accredited investors are investors that have over a one million dollars net worth, excluding their home, or an income greater than $200,000 for the past two years.
GBP Automotive investors were recently informed that their monthly distributions will be changed to a quarterly distribution in order to overcome the poor performance in 2018. Continued pressure in the auto loan sector is expected in 2019. This could lead to additional changes to the income benefits for investors. As rates rise, the value of this investment may be reduced dramatically and some financial advisors may have not informed their clients of all the potential risks.
According to FINRA’s BrokerCheck, ROBERT SCOTT SMITH, has 3 Disclosures, all of them “Customer Disputes,” on his report. Two of the Disputes are closed/no action and the third was settled in April of 2013 for $27,000.00, following allegations of, “misrepresentation, unsuitable investment, breach of fiduciary duty in relation to investment made in 2008.” Robert Smith has been registered in the securities industry for 32 years and has been listed with 7 firms.
Smith has been registered with this firm since 5/6/2011:
CONCORDE INVESTMENT SERVICES, LLC
5000 MEADOWS ROAD SUITE 230
LAKE OSWEGO, OR 97035
Smith’s previous firm was:
06/29/2007 - 05/18/2011 PACIFIC WEST SECURITIES, INC. - BEAVERTON, OR
If you’ve experienced investment losses in GBP Automotive Portfolio LP due to the actions or recommendations of broker ROBERT SCOTT SMITH, currently with CONCORDE INVESTMENT SERVICES, LLC, of Lake Oswego, Oregon, or another broker/dealer, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.
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