Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Lorraine Gallette (also known as Lorraine Marie Schmidt) (CRD#: 6192487, El Dorado Springs, Missouri). Gallette was previously registered with Coastal Equities Inc. from July 2013 to January 2021 and later joined Moloney Securities Co. Inc., where she remained until April 2022.
Recent disclosures reveal concerns about Gallette’s conduct, including multiple allegations of unsuitable investment recommendations and failure to conduct due diligence on certain investment products.
On April 8, 2024, a client dispute was filed against Gallette, alleging unsuitable investments while she was associated with Coastal Equities Inc. (FINRA Arbitration No. 24-00719). The claim is currently pending.
On March 27, 2024, another client of Realta Equities Inc. filed a complaint against Gallette, alleging unsuitable investment recommendations. The client is seeking $75,000 in damages (FINRA Arbitration No. 24-00702). This matter remains unresolved.
On September 12, 2023, a client of Moloney Securities Co. Inc. accused Gallette of suitability negligence related to corporate debt investments. The client is seeking $236,000 in damages (FINRA Arbitration No. 23-02153). This dispute is still pending.
On September 15, 2023, another client of Coastal Equities Inc. alleged that Gallette made unsuitable investment recommendations in alternative investments (FINRA Arbitration No. 23-02496). The claim is still unresolved.
On September 6, 2023, Coastal Equities Inc. settled a dispute in which a client accused Gallette of failing to conduct reasonable due diligence and recommending unsuitable investments. The client originally sought $236,000, and the firm settled the case for $80,000 (FINRA Arbitration No. 23-02153).
On July 14, 2023, another client dispute involving direct investments and limited partnership interests resulted in a $150,000 settlement. The client initially sought $370,000 in damages (FINRA Arbitration No. 23-01982).
On April 28, 2023, a similar claim regarding unsuitable investments led to a $270,000 settlement after the client originally sought $400,000 (FINRA Arbitration No. 23-01157).
On December 7, 2022, another dispute related to unsuitable investments in direct investments and limited partnership interests resulted in a $215,000 settlement (FINRA Arbitration No. 22-02771).
Gallette has faced numerous allegations from former clients who claim she recommended unsuitable investment products without conducting proper due diligence. Many of these claims involve direct investment programs (DPPs) and limited partnership interests, which carry high risks.
If you have concerns regarding investments made through Lorraine Gallette, contact Soreide Law Group online or call (888) 760-6552 to consult with a securities lawyer. The team at Soreide Law Group works on a contingency basis, advances all costs, and helps investors across the United States with recovering losses from sales practice misconduct. Gallette and the firms she was associated with deny allegations of sales practice violations.
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