Stone Beacon Capital CEO Faces Unsuitability and Negligence Allegations
If you suffered investment losses while working with financial advisor Chadwick Charles Collins, please contact our California broker misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today at (619) 550-4847.
Collins, who was a Kestra Investment Services stockbroker and Kestra Private Wealth investment advisor from January 2017 to February 2022, is now with Wedbush Securities. He is also the CEO of Stone Beacon Capital. According to Chadwick Collins’ BrokerCheck record, he is currently named in two pending customer disputes in which the claimants are collectively requesting more than $3.3M in damages.
Customer Disclosures Involving Ex-Kestra Investment Services Broker Chadwick Collins
Although the Stone Beacon Capital CEO faces two pending customer disputes, this isn’t the first time the financial professional has been accused of broker misconduct. Chadwick Collins was also named in investor claims while working as a Wells Fargo Clearing Services registered representative.
Here are the customer disputes currently listed on Collins’ BrokerCheck record:
- 11/2021: The claimant alleges negligence and mismanagement of their portfolio from 2017 to 2021. They are seeking $2.375M in damages. Losses purportedly involved common and preferred stock.
- 11/2021: This customer requests $1M in damages over losses involving their IRA and a Trust. They accuse Collins of breach of fiduciary duty and engaging in margin activity.
- 6/2021: This investor alleged that unsuitable recommendations were made by Collins, including investments that were not a fit for their investing profile. The claimant is also accusing the ex-Kestra Investment Services financial advisor of recommending an employer-sponsored term life policy without providing material information, including the actual costs of premiums. They said that they secured loan proceeds, which Collins invested. A $150K settlement was reached.
- 3/2016: This case, in which the customer contended that Collins did not disclose commissions in advance, was settled for over $6500. Collins commented in BrokerCheck that he was not aware that a change in the customer’s investing strategy would lead to the commission rise.
- 6/2013: This excessive trading and unsuitability case was settled for $150K.
- 6/2009: Merrill Lynch fired Collins for violating the firm’s policy regarding short-term mutual fund trading. Customer accounts were not involved.
Broker Misconduct Attorneys Representing Investors Against Kestra Investment Services
SSEK Law Firm has also been investigating other Kestra Investment Services brokers, such as barred financial advisor James Daughtry and Walter Valenzuela, named in 14 customer disputes. Illinois financial advisor Stephen Curry is also named in an almost $7.8M Financial Industry Regulatory Authority (FINRA) arbitration claim by an investor.
If you believe that your investment losses resulted from broker misconduct while working with Chadwick Collins or another Kestra broker, call SSEK Law Firm at (800) 259-9010 today. Our securities fraud attorneys represent thousands of investors in their FINRA arbitration claims each year.