Robert Smith Involved In Suitability Disputes

Concorde Broker Robert Smith Allegedly Sold Bad GPB Investments

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Robert Scott Smith (CRD#: 1412333, Newberg, Oregon). Evidently, Smith worked for securities firm Concorde Investment Services LLC from 2011 to 2020. Namely, clients indicate that Smith might have caused their losses through sales practice violations. Notably, one or more customers indicated that Smith inappropriately sold investments in GPB. Here’s more on the disputes and GPB.

Concorde Investment Services Client Takes Aim At Robert Smith For Unsuitable Recommendations

Evidently, a client brought a lawsuit on April 2020 in regard to Robert Smith’s sales practices at Concorde Investment Services. Allegedly, Smith’s investment recommendations were not suitable for the client. Smith supposedly breached a contract and breached a fiduciary. Next, the client alleges negligent supervision by Concorde Investment Services. Finally, the client indicates that Smith violated Oregon securities laws. For alleged losses sustained from 2014 to December 2017, the client demands $360,000 in this ongoing matter.

Smith Possibly Violated Nebraska Securities Act, FINRA Rules With GBP Sales

In addition, a client of Robert Smith at Concorde Investment Services brought a FINRA Arbitration Claim in January 2020. First of all, the client alleges that Smith violated Nebraska Securities Act. Secondly, Smith supposedly violated FINRA suitability rules. Thirdly, Smith purportedly failed to abide by his fiduciary responsibility to the client. Moreover, the client alleges Smith’s negligence relating to GPB Automotive Portfolio LP in 2017. Because of this, the client seeks compensatory relief of $200,000. Evidently, this matter is ongoing.

Concorde Investment Services Client Indicates Robert Smith Breached Fiduciary Duty With GPB Sales

Also, a Concorde Investment Services client brought an investment dispute about Robert Smith in January 2020. In this lawsuit, the client indicates that Smith’s sales practices were negligent and he breached a fiduciary duty. Next, the client alleges breach of contract in connection with investments in GPB programs from March 2015 to February 2018. Finally, the client contends that Smith violated Oregon Securities Act. As a result, the client demands $647,500 in damages to resolve this matter.

GPB Investigated By Regulators, Sued By Investors

Notably, multiple clients allege that Robert Smith sold GPB investments. Evidently, GPB Capital Holdings is an alternative asset management firm in New York which accumulated about $1.8 billion largely through the sale of private placements. Notably, GPB faces FBI, SEC or state investigations concerning, among other things, the veracity of its disclosures to investors about fund performance and capital distributions.
Evidently, GPB’s offices were raided by New York Business Integrity Commission and FBI in 2019. Apparently, GPB suspended redemptions when its funds were audited. Moreover, GPB Capital, Ascendant Capital and affiliates have been accused of swindling nearly two thousand investors according to a class action lawsuit filed in June 2020 in the United States District Court for the Western District of Texas. Allegedly, GPB Capital and Ascendant Capital executed a Ponzi scheme which victimized retirees.

Suffer Losses By Investing In GPB Investments Through Robert Smith?

Have you experienced losses because of securities broker Robert Smith? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers.
FINRA BrokerCheck indicates that Smith denies all allegations of his sales practice violations.