American Trust Investment Services Broker Accused of Recommending Unsuitable Investments to Investors
David Richard Geake, an Indiana-based broker and investment advisor with American Trust Investment Services, is currently facing three customer disputes in which the claimants are accusing him of making unsuitable investment recommendations. Geake, who has been in the industry for 22 years, has 12 disclosures on his BrokerCheck, including other customer disputes.
If you are an investor who has suffered losses while working with American Trust Investment Services broker David Geake, contact our Financial Industry Regulatory Authority (FINRA) arbitration attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.
Here are the Disclosures Involving Financial Advisor David Geake
Of the several disclosures in which Geake is named, many of them accuse the broker of unsuitability and the brokerage firm where he was registered of failing to properly supervise his actions.
- May 2021: The claimant is alleging unsuitable investments.
- May 2021: This customer alleges breach of fiduciary duties, failure to supervise, and unsuitable investments.
- March 2021: This unsuitability claim is seeking $500K in damages.
- August 2020: This failure to supervise claim was settled for $560K.
- April 2020: This alternative investment customer received a $20K settlement after alleging due diligence failures, overconcentration, unsuitable recommendations, and misrepresentations and omissions.
- August 2019: This illiquid investment case alleging unsuitability was denied.
- August 2018: Ausdal Financial Partners allowed Geake to resign from his job as a registered broker/investment advisor for the firm following allegations that he engaged in an unreported private security transaction.
- March 2018: This unsuitable investment recommendation claimant initially sought $53K in damages. The case was closed due to no action.
- July 2017: This $200K investor fraud claim related to Geake’s time as a Madison Avenue Securities broker was closed due to lack of action. The claimant had alleged unsuitability, as well as liquidity and concentration issues.
- June 2017: This securities fraud case alleging breach of fiduciary duty and misrepresentations was settled for $40K.
- September 2012: The claimant in this real estate investment trust (REIT) case that alleged unsuitability sought $40K but was denied.
- March 2011: This REIT investor case alleging misrepresentation and unsuitability was resolved with a $140K settlement.
With 22 years in the industry, other firms where the American Trust Investment Services broker has been registered include American General Securities and Franklin Financial Services.
Recoup Investment Losses Through FINRA Arbitration
Under FINRA Rule 2111, brokers must have reasonable grounds before recommending any investment to a customer based on the latter’s investing portfolio. Unfortunately, unsuitability continues to be a common reason for investor losses.
To determine whether your investment losses are due to unsuitable recommendations by your financial advisor, call our FINRA attorneys at SSEK Law Firm on (800) 259-9010 today. We have represented thousands of investors across the United States and abroad in their arbitration claims against negligent brokers and brokerage firms.