Erez Law is currently investigating Sagepoint Financial, Inc. broker Christopher Rice (CRD# 3222439) regarding unsuitable investment recommendations and overconcentration in customer accounts. Rice has been registered with Sagepoint Financial, Inc. in Greensboro, North Carolina since 2005. Prior to then, Rice was registered with three brokerage firms, including Sunamerica Securities, Inc. in Phoenix, Arizona, A. G. Edwards & Sons, Inc. in St. Louis, Missouri, and UBS Painewebber Inc. in Weehawken, New Jersey. Rice was terminated from UBS Paine Webber following allegations that he directed an employee to sign clients’ names to a new account.
Rice has been the subject of four customer complaints between 2014 and 2018, one of which was closed without action, according to his CRD report:
November 2018. “Unsuitable investment recommendations, investment overconcentration, misrepresentation, and failure to supervise.” The customer is seeking $1 million in damages and the case is currently pending. The complaint took place while Rice was registered with Sagepoint Financial, Inc. and was regarding variable annuities.
February 2018. “Unsuitable investment recommendations, investment over-concentration, misrepresentative, and failure to supervise.” The customer is seeking $750,000 in damages and the case is currently pending. The complaint took place while Rice was registered with Sagepoint Financial, Inc. and was regarding variable annuities and real estate securities.
August 2016. “Allegation of unsuitable investment.” The customer sought $57,000 in damages and the case was settled for $10,000. The complaint took place while Rice was registered with Sagepoint Financial, Inc. and was regarding real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Sagepoint Financial, Inc. may be liable for investment or other losses suffered by Rice’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.