The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Madison Avenue Securities broker James Geake (CRD#: 2629008, Skokie, Illinois). Namely, at least eight investors filed formal disputes about Geake, who joined Madison Avenue Securities in 2006. Here is a summary of clients’ claims which suggest that Geake may have breached a fiduciary duty, provided bad advice, and caused investors’ losses.
Madison Avenue Investor Alleges James Geake Breached Fiduciary Duty
Apparently, a client of Madison Avenue Securities brought FINRA Arbitration #: 19-01258 in May 2019. First of all, the client indicated that James Geake sold unsuitable investments. Specifically, Geake invested the client’s assets in alternative investments which included DPPs, LPs or real estate products. Secondly, Geake allegedly breached his fiduciary responsibility to the client by placing his interests ahead of the client’s interests. Thirdly, Geake acted negligently with respect to the client’s investment portfolio, and misrepresented key facts which affected the client’s decisions. For this reason, in July 2019, Madison Avenue Securities compensated the client in the amount of $17,500.
Geake Allegedly Sells Poorly Performing Investments
A second Madison Avenue Securities client disputed James Geake’s sales practices by filing FINRA Arbitration #: 19-00310. Apparently, in this January 2019 dispute, the client mainly alleged that the investments Geake recommended or purchased for the client had poorly performed. Supposedly, Geake’s investment of the client’s assets in real estate securities failed to be compatible with the client’s goals or risk tolerance. Because of this, in April 2019, Madison Avenue Securities opted to pay the client $12,500 to resolve the dispute.
Madison Avenue Securities Client Indicates James Geake Misrepresented Alternative Investments
Evidently, in April 2018, a third client of Madison Avenue Securities brought a dispute about James Geake. Namely, in FINRA Arbitration #: 2018-01432, the client claimed that Geake made misrepresentations about suitability of alternative investments. Allegedly, Geake misled the client about insurance contracts and real estate security products. Supposedly, misrepresentations caused the client to purchase products that the client normally would not have. Apparently, in June 2019, Madison Avenue Securities opted to pay $155,000 to resolve the client’s misrepresentation allegations.
Have you experienced losses from Madison Avenue Securities broker James Geake? If so, 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 law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.