Robert Vance Facing Allegations of Negligence at Moloney Securities Co. Inc.

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Robert Morgan Vance (CRD: 1887560, Sonora, California). Vance previously worked for Moloney Securities Co. Inc. from June 2016 to November 2023 and was registered with multiple other firms throughout his career.

Recent disclosures indicate allegations against Vance, including suitability concerns, negligence, and regulatory actions related to high-risk investment recommendations.

Client Complaints and Disputes Alleged Unsuitable Recommendations, Negligence

On November 25, 2024, a client of Moloney Securities Co. Inc. filed a pending FINRA arbitration claim (No. 24-02480) alleging that Vance engaged in suitability violations and negligence related to debt-corporate investments from 2018 to 2021, seeking $156,000 in damages.

A similar client complaint was filed on October 8, 2024, under FINRA arbitration (No. 24-02107), alleging unsuitable recommendations related to debt-corporate investments in 2021, with a claim of $125,000. This matter remains unresolved.

Specifically, on June 10, 2024, another client filed a FINRA arbitration claim (No. 24-01235) alleging that Vance was negligent in recommending high-risk investments between 2017 and 2021, seeking $100,000 in damages. The case is pending.

Additionally, a previous dispute filed on October 30, 2023, under FINRA arbitration (No. 23-03127) alleged unsuitable investment recommendations from 2014 to 2018. The claim amount ranged from $100,000 to $500,000, and the case is still pending.

Regulatory Action by the SEC Against Robert Vance For Alleged Unsuitable Advice of GWG L Bonds

Evidently, on September 27, 2024, the U.S. Securities and Exchange Commission (SEC) filed a civil action (Case No. 1:24-CV-01150) against Vance in the United States District Court for the Eastern District of California. The complaint alleges that Vance recommended high-risk, illiquid L Bonds to retail clients between June 30, 2020, and January 15, 2022, violating SEC Regulation Best Interest (Reg BI).

According to the SEC’s complaint, Vance failed to exercise reasonable diligence, care, and skill in evaluating the risks associated with L Bonds. At least 50 of his retail clients invested a total of approximately $4.3 million in these speculative securities, many of whom were at or near retirement age. The SEC seeks a permanent injunction, disgorgement of ill-gotten gains, and civil monetary penalties against Vance. This case is currently pending.

Settled Client Complaints Alleged Negligence, Unsuitable Recommendations

Evidently, several past disputes against Vance have resulted in settlements, including:

• A June 12, 2023, client dispute (FINRA Arbitration No. 23-01657) alleging negligence and unsuitability from 2018 to 2020, settled for $15,500.
• An October 23, 2023, arbitration claim (No. 23-02828) regarding suitability concerns from 2013 to 2018, settled for $100,000.
• An October 30, 2023, dispute (No. 23-03092) involving debt-corporate investments from 2014 to 2018, settled for $195,000.
• A May 15, 2023, dispute (No. 23-01052) alleging unsuitable investment recommendations from 2017 to 2020, settled for $63,978.53.

Looking for More Information About Robert Vance?

If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. The team at Soreide Law Group works on a contingency basis. The firm helps clients throughout the country with recovering losses from sales practice misconduct. Vance and the firms he worked for deny accusations of sales practice violations.