Erez Law is currently investigating Coastal Equities, Inc. broker Lorraine Gallette (CRD# 6192487) regarding unsuitable investment recommendations. She has been registered with Coastal Equities, Inc. in El Dorado Springs, Missouri, since 2013.
Lorraine Gallette Investment Loss Options
She has been the subject of four customer complaints between 2020 and 2022, according to his CRD report:
March 2023. “Claimant alleges unsuitable investments.” The customer is seeking $100,000 in damages. The complaint was regarding direct investments.
October 2023. “Claimants allege unsuitable investments.” The customer is seeking $500,000 in damages. The complaint was regarding direct investments.
September 2020. “Claimants allege that between 2016 and 2020 Coastal Equities failed to conduct adequate due diligence on certain investments and through Coastal’s representative, Lorraine Gallette, made unsuitable investment recommendations to the claimants.” The customer sought $500,000 in damages, and the case was settled for $159,000. The complaint was regarding direct investments and real estate securities.
August 2020. “Claimants allege that between 2013 and 2020 Coastal Equities failed to conduct adequate due diligence on certain investments and through Coastal’s representative, Lorraine Gallette, made unsuitable investment recommendations to the claimants.” The customer sought $300,000 in damages, and the case was settled for $136,000. The complaint was regarding direct investments.
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, Coastal Equities, Inc. may be liable for investment or other losses suffered by Lorraine Gallette’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.
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