Investors potentially sustained damages through securities broker Patrick Michael Mendenhall [CRD: 1068809, Houston, Texas], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Mendenhall worked for USCA Securities LLC from April 20, 2010, and U.S. Capital Wealth Advisors LLC from June 30, 2021. Here’s an overview of the securities broker’s disclosures.
Particularly, on January 12, 2024, a USCA Securities LLC client filed FINRA Arbitration No. 24-00096 about Patrick Mendenhall. Supposedly, Mendenhall was negligent and failed to diversify the client’s holdings. Because of this, the client allegedly sustained damages on options and stocks. Because of this, the client requested $5,000,000 in compensation from USCA Securities LLC or Mendenhall. Evidently, this arbitration is pending a resolution.
Also, a client of USCA Securities LLC contested Patrick Mendenhall’s sales practices by filing FINRA Arbitration No. 24-00007 on January 9, 2024. Allegedly, Mendenhall failed to diversify stocks and options and was negligent. For this reason, the client seeks damages from USCA Securities LLC or Mendenhall in the amount of $3,000,000 in this ongoing matter.
Additionally, a USCA Securities LLC client filed Civil Action No. 2019-71563 about Patrick Mendenhall. Mainly, the client alleged that Mendenhall made unsuitable recommendations. As a result, on August 10, 2020, USCA Securities LLC settled this matter by paying the client $200,000 in damages.
Particularly, a client of PaineWebber Inc. contested Patrick Mendenhall’s sales practices by filing NASD Arbitration No. 00-03873. Allegedly, Mendenhall breached his fiduciary duty, made unsuitable recommendations, acted negligently, engaged in unauthorized and excessive trading, and failed to supervise. It appears that Mendenhall caused the client to sustain damages on over-the-counter equities. Therefore, PaineWebber Inc. opted to settle the matter on September 11, 2001, by compensating the client in the amount of $650,000.
Have you experienced losses because of Patrick Mendenhall? You could reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer concerning a possible recovery of your investment losses. Soreide Law Group helps investors throughout the country, works on a contingency fee basis, and advances all costs. Mendenhall and brokerage firms Mendenhall worked for deny accusations of sales practice violations.
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