Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Reports shows that 5 investors brought disputes about securities broker Gerald R. Dewes (CRD#: 2465538, East Amherst, New York). Supposedly, Dewes made unsuitable investment recommendations to Cadaret Grant clients. Not only that, but after Cadaret Grant disaffiliated with Dewes for selling away, FINRA barred him as a securities broker for stonewalling an investigation about his securities sales. Here’s a closer look at the troubling allegations against Dewes.
Cadaret Grant Client Indicates That Gerald Dewes Breached A Fiduciary Duty
Evidently, a client of Cadaret Grant brought a dispute about Gerald Dewes on May 5, 2020. In this FINRA Arbitration Action #: 20-01290, the client alleged that Dewes gave bad advice about OTC equities and a private placement. It seems that the client purchased fraudulent or illegitimate investments. Also, the client indicated that Dewes breached a fiduciary duty via his sales of private placements and OTC equities. It seems that Cadaret Grant carelessly supervised the securities broker. For this reason, the client seeks $1,710,000 in compensation in this ongoing matter.
FINRA Bars Dewes For Failure To Appear For Testimony
Apparently, FINRA barred Gerald Dewes as a securities broker on March 30, 2020 for violating FINRA Rules 8210 and 2010. Namely, FINRA has the power under Rule 8210 to compel a securities broker’s testimony when the broker is under investigation. It seems that FINRA tried to determine Dewes’ involvement in private securities transactions and outside business activities. It asked Dewes to testify about this. However, Dewes chose not to testify.
Cadaret Grant Client Brings Dispute About Gerald Dewes’ REIT Sales
Evidently, a Cadaret Grant client brought a dispute about Gerald Dewes on March 16, 2020. It seems that Dewes concealed facts about REIT transactions. It seems that the securities broker might have sold the client a REIT that was not appropriate for reasons including the client’s risk tolerance, objectives or other criteria relating to suitability. Additionally, the client took issue with the high interest charges associated with the REIT. For this reason, the client seeks compensatory relief. Evidently, this matter awaits a resolution.
Dewes Allegedly Made False Promises
A client of Sunbridge Management Inc. took aim at Gerald Dewes through a November 8, 2019 complaint. Namely, the client suggested that Dewes made promises or guarantees about the client’s investment returns. For this reason, the client asked for compensation from Sunbridge Management or the securities broker. However, this client withdrew this complaint on June 24, 2020.
Losses From Investing Through Gerald Dewes?
Have you experienced losses by investing with broker Gerald Dewes? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of financial advisors and securities brokers like Dewes.