EAN BRADY Barred, Sued By Investors
The Financial Industry Regulatory Authority (“FINRA”) barred First Allied Securities Inc. broker Sean Brady (CRD#: 4365173, St. Louis, Missouri). Evidently, Brady – who First Allied discharged on November 15, 2017 for falsifying clients’ documents – evidently stonewalled a FINRA investigation. That investigation supposedly concerned Brady’s sales practice violations at First Allied. Eventually, Brady submitted a Letter of Acceptance, Waiver and Consent (“AWC”) #:2017055941601 on May 20, 2018, which FINRA accepted June 8, 2018. In the AWC, Brady agreed that he violated FINRA rules, and consented to FINRA expelling him from the securities industry. Since then, multiple First Allied clients brought disputes, summarized below:
Client Of First Allied Files FINRA Arbitration Suggesting Sean Brady Committed Fraud
The most recent dispute reported on Sean Brady’s FINRA BrokerCheck Report comes from a First Allied client who filed FINRA Arbitration #:18-02316 on July 3, 2018 in regard to Brady’s sales practices. First of all, the client stated Brady gave bad advice to the client about annuities, DPPs and LPs from 2012 to 2017. Supposedly, Brady used false account documents as a basis to make unsuitable recommendations. Secondly, the client suggests that Brady committed fraudulent and negligent acts which caused the client harm. Thirdly, the client claimed that Brady failed to place the client’s interests ahead of his own, breaching a fiduciary duty. Finally, First Allied allegedly failed to supervise Brady. Because of this, the client demanded $5,700,000 in damages.
First Allied Client Files Arbitration Suggesting Brady Sold Misrepresented, Unsuitable Investments
Next, there is a Financial Allied Securities client who brought FINRA Arbitration #: 18-02312. This claim, which the client brought July 2, 2018, concerns investments in annuities, DPPs or LPs, and real estate investments. Namely, the client suggested that Sean Brady made up information about the client’s financial status. Allegedly, Brady filled out the client’s investment forms without the client’s consent to purchase the investments. Also, the client claimed Brady concealed adverse information about investments he sold to the client. Supposedly, Brady had no business placing the client in the investments as they were unsuitable for the client. Therefore, the client asked for $1,360,000 in compensation in this ongoing matter.
Seven More First Allied Clients Suggest Brady Committed Sales Practice Violations
Between March 17, 2018 and July 2, 2018, seven other First Allied clients brought FINRA Arbitrations. Notably, one or more of these clients suggested that Sean Brady or First Allied are liable for misrepresentation, unsuitability, breach of fiduciary duty, negligence and fraud. In total, those
clients demanded more than $5,700,000 in compensation. Evidently, those claims involving Brady’s activities are unresolved.
If you suffered losses from Sean Brady, contact Soreide Law Group at (888) 760-6552. You’ll be able to speak with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. The firm represents clients on a contingency fee basis and advances all costs.