Investors possibly experienced losses because of securities broker Joseph Farrell Beam [CRD: 5407778, Flat Rock, North Carolina], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Joseph Beam worked for Capital Investment Group Inc. from August 20, 2013, to June 5, 2023. Below, you’ll find a summary of the securities broker’s disclosures.
Evidently, on May 17, 2024, a Capital Investment Group Inc. client filed FINRA Arbitration No. 24-00408 about Joseph Beam. Mainly, the client alleged that Beam violated the North Carolina Securities Act, violated federal securities laws, breached his fiduciary duty, breached a contract, and was negligent. Because of this, the client allegedly sustained damages on direct investments. Because of this, the client requested $357,000 in compensation from Capital Investment Group Inc. or Beam. This arbitration is pending a resolution.
Particularly, a client of Capital Investment Group Inc. contested Joseph Beam’s sales practices by filing FINRA Arbitration No. 24-01055 on May 15, 2024. Allegedly, Beam violated federal and state securities laws regarding direct investment sales, breached a contract, failed to supervise, made unsuitable recommendations, breached his fiduciary duty, and made misrepresentations and omissions. For this reason, the client seeks damages from Capital Investment Group Inc. or Beam in the amount of $195,000 in this ongoing matter.
Specifically, on April 18, 2024, a Capital Investment Group Inc. client filed FINRA Arbitration No. 24-00838 about Joseph Beam. Supposedly, Beam failed to conduct reasonable due diligence on GWG Holdings Inc. L Bonds, which led to the client purchasing $300,000 of the bonds in 2021. Therefore, the client requested $400,000 in compensation from Capital Investment Group Inc. or Beam. Currently, this arbitration is unresolved.
Also, a client of Capital Investment Group Inc. contested Joseph Beam’s sales practices by filing FINRA Arbitration No. 23-03309 on November 15, 2023. Allegedly, Beam recommended and sold unsuitable GWG Holdings Inc. L Bonds. As a result, the client seeks damages from Capital Investment Group Inc. or Beam in the amount of $100,000 in this ongoing matter.
Evidently, a Capital Investment Group Inc. client filed FINRA Arbitration No. 22-02718 about Joseph Beam. Mainly, the client alleged that Beam made misrepresentations and gave unsuitable advice. For this reason, on January 12, 2024, Capital Investment Group Inc. settled this matter by paying the client $60,000 in damages.
Additionally, a client of Capital Investment Group Inc. contested Joseph Beam’s sales practices by filing FINRA Arbitration No. 22-015550. Allegedly, Beam made unsuitable recommendations of direct investments. Therefore, Capital Investment Group Inc. opted to settle the matter on September 25, 2023, by compensating the client in the amount of $32,500.
Did you experience losses due to financial advisor / securities broker Joseph Beam? If you have, contact Soreide Law Group online or at (888) 760-6552 and speak with a securities attorney regarding a potential recovery. Soreide Law Group investment loss lawyers help individuals throughout the United States, work on a contingency fee basis, and advance all costs. Beam and brokerage firms Beam worked for deny accusations of sales practice violations.
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