Soreide Law Group filed a FINRA arbitration on behalf of our client (Claimant) against:
AUSDAL FINANCIAL PARTNERS, INC. and
AMERICAN TRUST INVESTMENT SERVICES, INC.(Respondents)
The Claimant is 70 years old and resides in Illinois. The Claimant maintained accounts with the Respondents, and brings this claim, the lawsuit alleges, as the result of the Respondents’ mismanagement of the Claimant’s investments.
The Respondents and their Financial Advisor, David R Geake, according to the lawsuit, understood that the Claimant lacked investment experience and did not want to take unnecessary risks with her savings. The Financial Advisor, David Geake, allegedly purchased a series of speculative investments. David Geake is not named in the lawsuit.
According to the lawsuit, when David Geake was with AUSDAL FINANCIAL PARTNERS, he allegedly sold the Claimant a $39,000 investment in a speculative bond investment called GWG. Allegedly, the Claimant was advised that GWG was a solid investment with principal protection. After David Geake changed firms to AMERICAN TRUST INVESTMENT SERVICES, Geake allegedly sold the Claimant an additional $50,000 in GWG. GWG has recently filed for bankruptcy. The Claimant will likely suffer a total loss of her investment.
The lawsuit alleges the Claimant has suffered damages of approximately $89,000. The lawsuit is claiming: Breach of Fiduciary Duty, Negligent Supervision, Violation of NASD and NYSE Rules, Breach of Contract, and Negligence.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, David R Geake, has been in the securities industry for 20 years and has been listed with 7 firms. David Geake has 20 disclosures on his FINRA CRD report, of which 19 are “Customer Disputes.” There is one, “Employment Separation After Allegations,” dated 9/14/2018 with allegations of, “Engaging in an unreported private security transaction.” Geake was “permitted to resign” with Ausdal Financial Partners, Inc.
David R Geake is currently listed both as a broker since 2018, and as a financial advisor since 2019, with the following firm:
AMERICAN TRUST INVESTMENT SERVICES, INC.
230 W. MONROE SUITE 300
CHICAGO, IL 60606
If you’ve suffered financial losses due to the actions or recommendations of AUSDAL FINANCIAL PARTNERS, AMERICAN TRUST INVESTMENT SERVICES and/or their registered representative, David R Geake, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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