Madison Avenue Securities Clients Take Aim At Jim Geake
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports through BrokerCheck that investors brought complaints or lawsuits in regard to securities broker James “Jim” Andrew Geake (CRD#:2629008, Skokie, Illinois). Notably, investors brought eight disputes, at least half of which are from 2018 or later. If these allegations hold true, then the securities broker could be responsible for investors’ losses. Here’s what we know so far.
Madison Avenue Securities Investor Files Lawsuit Alleging Breach Of Fiduciary Duty By Jim Geake
Evidently, a client of Madison Avenue Securities brought a FINRA Arbitration Claim in July 2019. First of all, the client alleged that Jim Geake sold unsuitable investments. This reportedly includes direct investments (DPPs and LPs) and real estate securities. Secondly, the client indicated that Geake failed to place the client’s interests first, breaching a fiduciary duty. Thirdly, Geake allegedly acted negligently and he misrepresented alternative investment sales. Reportedly, the client received $17,500.00 to settle this dispute in July 2019.
Geake Supposedly Sold Bad Alternative Investments
Apparently, a client of Madison Avenue Securities contested Geake’s sales practices through a January 2019 lawsuit. Mainly, the client stressed that real estate securities unperformed. It seems that Madison Avenue Securities settled this matter in April 2019 through making a $12,500.00 payment to the client.
Madison Avenue Securities Client Indicates That Jim Geake Sold Unsuitable Real Estate Security
Also, a client of Jim Geake took legal action in September 2018 to recoup investment losses supposedly attributable to Jim Geake. It seems that Geake possibly sold the client an unsuitable real estate security. It seems that Geake may have overlooked the client’s risk tolerance, investment objectives, income needs or other information bearing on suitability of a real estate security transaction. For this reason, the client received $14,900.00 to settle this matter in October 2018.
Geake Involved In Investor’s Misrepresentation Dispute
Moreover, a Madison Avenue Securities client brought a FINRA Arbitration Claim in April 2018. The client alleges that Jim Geake misrepresented information in connection with sales of alternative investments and fixed index annuities. It seems that the client would not have invested in the real estate security and insurance products if fully aware of benefits and drawbacks. Ultimately, Madison Avenue Securities opted to pay this client $155,000.00 to put this claim to rest.
Bait And Switch Alleged In Madison Avenue Client’s Complaint
Finally, a client of Madison Avenue Securities took aim at Jim Geake through a 2017 complaint. Mainly, the client indicated that Geake sold equity indexed annuities through a bait and switch scheme. Apparently, the client demanded compensatory relief but this matter was closed in March 2018 without further client action.
Losses From Jim Geake?
Apparently, Jim Geake denies allegations of his sales practice violations. Have you experienced losses by investing with Geake? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses due to misconduct of securities firms and financial advisors.
