Can I recover losses from investments with former Cantella & Co., Inc. broker Clinton Byrd (CRD# 4673625)? Byrd was registered with Cantella & Co., Inc. in Tallahassee, Florida from 2007 to 2021, when he was terminated regarding, “Loss of Confidence – failure to report customer complaint related to an Outside Business Activity. Failure to report a rent to own property as an Outside Business Activity.” Previously, Byrd was registered with Morgan Stanley & Co., Incorporated in Tallahassee, Florida from April to July 2007, when he was terminated regarding, “Financial advisor engaged in unapproved financial relationships with clients.” Prior to then, Byrd was registered with Morgan Stanley Dw Inc. in Tallahassee, Florida from 2003 to 2007.
Byrd has been the subject of one customer complaint, according to his CRD report:
January 2021. “Claimant alleges that an LLC owned solely by Mr. Byrd executed a promissory note on December 7, 2012 and that he failed to repay the principal when it was due on December 7, 2013. It is unclear whether the Claimant was a customer at the time of the transaction. Claimant alleges that the funds were used to purchase an art collection. Claimant alleges unsuitable recommendations and breach of fiduciary duty.” The case is currently pending. The complaint is regarding promissory notes and common and preferred stocks.
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, Cantella & Co., Inc. may be liable for investment or other losses suffered by Byrd’s customers.
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