There are options for clients of former Coastal Equities, Inc. broker Ray Gallette (CRD# 3041923) who suffered investment losses. He was registered with Coastal Equities, Inc. in El Dorado Springs, Missouri, from 2013 to 2020.
Ray Gallette Customer Complaints
He has been the subject of 12 customer complaints between 2020 and 2024, according to his CRD report:
October 2024. “The claimant alleges unsuitable investment recommendations.” The customer is seeking $239,000 in damages, and the case is currently pending. The complaint was regarding alternative investments, and it took place while he was registered with Coastal Equities, Inc.
April 2024. “The claimant alleges unsuitable investments.” The case is currently pending. The complaint was regarding alternative investments, and it took place while he was registered with Coastal Equities, Inc.
March 2024. “The claimant alleges unsuitable investments.” The customer sought $75,000 in damages, and the case was settled for $18,000. The complaint was regarding alternative investments, and it took place while he was registered with Realta Equities, Inc.
September 2023. “Claimants alleges failure to conduct reasonable and adequate due diligence on offering and unsuitable investments.” The customer sought $236,000 in damages, and the case was settled for $80,000. The complaint was regarding alternative investments, and it took place while he was registered with Coastal Equities, Inc.
July 2023. “Claimant alleges unsuitable investments.” The customer sought $370,000 in damages, and the case was settled for $150,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
April 2023. “The claimants allege unsuitable investments.” The customer sought $400,000 in damages, and the case was settled for $270,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
March 2023. “Claimant alleges unsuitable investments.” The customer sought $100,000 in damages, and the case was settled for $15,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
February 2023. “Claimant allegations include unsuitable investments and misrepresentation.” The customer sought $120,000 in damages, and the case was settled for $45,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
December 2022. “The claimants allege unsuitable investments.” The customer sought $433,000 in damages, and the case was settled for $215,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
October 2022. “Claimants allege unsuitable investments.” The customer sought $500,000 in damages, and the case was settled for $72,500. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
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, Ray 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, and it took place while he was registered with Coastal Equities, Inc.
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, Ray Gallette, made unsuitable investment recommendations to the claimants.” The customer sought $300,000 in damages, and the case was settled for $463,000. The complaint was regarding direct investments, and it took place while he was registered with Coastal Equities, Inc.
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 Ray 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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