Were you the victim of former Cadaret, Grant & Co., Inc. broker Gerald Dewes (CRD# 2465538) who is accused of unsuitable investment recommendations? He has been registered with Cadaret, Grant & Co., Inc. in East Amherst, New York from 2014 to 2019, when he was terminated regarding, “Advisor sold away from the firm by soliciting client investments into an undisclosed outside business activity, Elite Roasters, Inc. for which he was an officer and director. Internal review continues.”
In March 2020, FINRA barred him after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into his potential participation in undisclosed private securities transactions and outside business activities.
Gerald Dewes Customer Complaints
He has been the subject of six customer complaints between 1999 and 2021, two of which were withdrawn and one was denied, according to his CRD report:
April 2021. Claimant alleges unsuitable investment recommendations, common law fraud, breach of contract, negligent supervision, and breach of fiduciary duty in connection with alleged investments in an unapproved private investment and two OTC stocks that were recommended by Mr. Dewes through his independent registered investment adviser and effected through accounts held at a third-party custodian.” The case was settled for $58,000.
May 2020. “Claimants allege unsuitable investment recommendations, common law fraud, breach of contract, negligent supervision, and breach of fiduciary duty in connection with their alleged investments in two unapproved private investments and two equity-OTC securities that were recommended by the individual through his independent registered investment adviser and effected through accounts held at a third-party broker-dealer.” The customer sought $1,710,000 in damages and the case was settled for $2,500,000.
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, Cadaret, Grant & Co., Inc. may be liable for investment or other losses suffered by Gerald Dewes’ 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.