Erez Law is currently investigating American Trust Investment Services, Inc. broker David Geake (CRD# 3088891) regarding unsuitable investment recommendations. He has been registered with American Trust Investment Services, Inc. in Chicago, Illinois since 2018. Previously, he was registered with Ausdal Financial Partners, Inc. in Northbrook, Illinois from 2016 to 2018, when he was terminated regarding, “Engaging in an unreported private security transaction.” Previously Geake was registered with Ausdal Financial Partners, Inc. in Northbrook, Illinois from 2016 to 2018 and with Madison Avenue Securities, LLC in Northbrook, Illinois from 2009 to 2015.
David Geake Customer Complaints
He has been the subject of 13 customer complaints between 2011 and 2021, two of which were denied and two were closed without action, according to his CRD report. The most recent complaints are regarding:
April 2022. “Breach of fiduciary duty. violation of IL Securities Law, FINRA Rules 2010, 2120, 2311, fraud, negligence, breach of contract.” The customer is seeking $965,793 in damages and the case is currently pending.
September 2021. “Claimants allege unsuitable recommendations of multiple alternative investments, including Hospitality Investors Trust starting in 2013. There are a total of 13 claimants listed with three different advisers who are named as subjects of this investment related arbitration since they may have been the adviser on record for one or more claimants listed on this arbitration.” The customer sought $750,000 in damages and the case was settled for $450,000.
May 2021. “Unsuitable investments.” The case is currently pending.
May 2021. “Unsuitable investments, breach of fiduciary duties, lack of supervision.” The case was settled for $40,000. The complaint took place while he was registered with Madison Avenue Securities, LLC, Ausdal Financial Partners, Inc., and American Trust Investment Services, Inc. and was regarding unit investment trusts (UITs) and private placements.
March 2021. “Suitability.” The customer sought $500,000 in damages and the case was settled for $100,000.
August 2020. “Failure to supervise. In 2016 the individual pledged $2.5 million of collateral for MrktServ in exchange for shares in the company. Then in 2017, individual loaned MrktServ, Inc.$200,000 for larger equity ownership in the company.” The customer sought $2,800,000 in damages and the case was settled for $560,000. The complaint took place while he was registered with Ausdal Financial Partners, Inc. and the complaint was regarding private loans and collateralized assets.
April 2020. “Claimants allege failure to conduct Due Diligence on several points, unsuitable recommendation, overconcentration, misrepresentations and omissions in violation of FINRA regulations in the sale of Alternative Investments.” The customer sought $100,000 in damages and the case was settled for $20,000. The complaint was regarding direct investments and it took place while he was registered with Madison Avenue 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, American Trust Investment Services, Inc. may be liable for investment or other losses suffered by David Geake’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.