Erez Law is currently investigating WFG Investments, Inc. financial advisor Stuart Graham Dickinson (CRD# 1047824) regarding unsuitability of investment recommendations and lack of due diligence. Dickinson was registered with WFG Investments in Highland Park, Texas from 2005 to 2013. WFG Investments terminated Dickinson from employment due to receipt of inquiry relating to private securities transaction.
In January 2017, FINRA has permanently barred Dickinson from acting as a broker or otherwise associating with firms that sell securities to the public. In the FINRA complaint, it was alleged that Dickinson failed to “conduct adequate and reasonable due diligence on a private placement securities offering and, therefore, did not have a reasonable basis to recommend it to any customers who purchased it upon his recommendation.” The complaint alleged that Dickinson sold his customers limited partnership interests in private placement securities that offered his customers an opportunity to earn income from ATM machines. It is alleged that Dickinson did not conduct adequate due diligence on the offering to find that the purchase and operation of the ATMs was fraudulent. It was found that the underlying business scheme was fraudulent and most of the ATM machines were not real. Due to these transactions, Dickinson’s customers suffered a loss of more than $1 million. Dickinson was ordered to pay back restitution in the amount of $924,000.
Dickinson has been the subject of two customer complaints in 2012, according to his CRD report:
- October 2012. “Customer alleges that certain investments purchased were not suitable.” The customer sought $125,000 in damages and the case was settled for $35,000.
- April 2012. “Claimants (SP) allege fraud, suitability, misrepresentation and lack of supervision with respect to a purchase of a private placement and ETF’s were unsuitable.” The customer sought $150,000 in damages and the case was settled for $130,000.
In addition, 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, WFG Investments, Inc. may be liable for investment or other losses suffered by Dickinson’s customers.
Erez Law represents investors in the United States for claims against WFG Investments, Inc. financial advisor Stuart Graham Dickinson, who is alleged to make unsuitable recommendations to invest in private placement securities. If you were a client of WFG Investments, Inc. financial advisor Stuart Graham Dickinson or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.