Investors reportedly complained about securities broker Philip Allen Simonides (also known as Phil Simonides) [CRD: 1847411, Vienna, Virginia], based on disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Notably, Simonides joined McAdam LLC on October 3, 2014, and Madison Avenue Securities LLC on January 8, 2025. Previously, he was with Purshe Kaplan Sterling Investments from October 3, 2014 to January 7, 2025. Keep reading to know more about the client complaint involving allegations of unsuitable investment recommendations.
Specifically, on February 11, 2025, a Purshe Kaplan Sterling Investments client filed FINRA Arbitration No. 25-00347 about Philip Simonides. Particularly, the client alleged that Simonides made unsuitable recommendations regarding Skyloft DST. For this reason, the client allegedly sustained damages. Therefore, the client requested $157,747.01 in compensation from Purshe Kaplan Sterling Investments or Simonides. Evidently, this arbitration is pending a resolution.
When securities brokers or financial advisors recommend unsuitable investments in real estate investment trusts (REITs) or Delaware Statutory Trusts (DSTs), they may be putting their clients’ portfolios at unnecessary risk. Unsuitable recommendations occur when advisors suggest investments that don’t match a client’s financial goals, risk tolerance, or investment profile. This can lead to significant losses, especially with illiquid or high-risk products like non-traded REITs and DSTs, which are often hard to sell and may involve complex structures or hidden fees.
Do you need clarification on any investment losses relating to Philip Simonides? You can contact Soreide Law Group at (888) 760-6552 or online and talk to a securities attorney. For years, Soreide Law Group has recouped losses for investors throughout the country. Also, the firm works on a contingency fee arrangement and advances all costs. Simonides and brokerage firms Simonides worked for deny accusations of sales practice violations.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
THEODORE WILLIAM BYRER (THEODORE W BYRER, TED BYRER) was registered as a broker with MORGAN STANLEY of Indianapolis, Indiana, from 11/11/2013 - 04/20/2023. He was most recently registered with INTERNATIONAL ASSETS ADVISORY, INC of Westfield, Indiana, from 05/09/2023 - 09/17/2024. According to his BrokerCheck CRD report, dated 7/23/2026, THEODORE W BYRER was suspended for 14 […]
MARK LAWRENCE SULLIVAN (MARK SULLIVAN, MARK L SULLIVAN), formerly with UBS Wealth Management USA in New York City, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that he traded in customers’ accounts without the proper approval. Sullivan was previously registered both as a broker and as an […]
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