Did You Lose Money Investing with Former Sagepoint Financial, Inc. Broker Daniel Dillard?
Posted on Tuesday, April 6th, 2021 at 1:11 am
Erez Law is currently investigating former Sagepoint Financial, Inc. broker Daniel Dillard (CRD# 4289333) regarding unsuitable investment recommendations. Dillard has been registered with Union Capital Company in Austin, Texas from April to July 2019. Previously, Dillard was registered with Sagepoint Financial, Inc. in Austin, Texas from 2013 to 2019 and with LPL Financial LLC in Austin, Texas from 2004 to 2013, when he was terminated regarding, “submitted an altered document regarding advisor’s commission split with bank, previously signed by bank CEO, to the firm. No customer impact.”
In October 2015, FINRA sanctioned Dillard to a $5,000 fine and suspended him for three months after he, “consented to the sanctions and to the entry of findings that he tracked his progress towards generating $1,500,000 in net commissions, as part of a financial institution services agreement with a third party, using his member firm’s year-to-date commission summaries. The findings stated that once he reached that amount, Dillard took an internal firm form that he submitted previously to his firm and falsified it by altering the commission distribution percentages to reflect 25 percent to the third party and 75 percent to Dillard, reusing the third party president’s prior signature, and then submitting the falsified form to his firm. Dillard changed the commission distribution percentages and reused the third party president’s prior signature without the third party’s knowledge, authorization, or consent. The findings also stated that Dillard’s actions caused his firm to maintain inaccurate books and records.”
Dillard has been the subject of two customer complaints between 2020 and 2021, according to his CRD report:
January 2021. “Customers allege recommendations of certain private placement investments were not suitable, and that the Firm did not conduct proper due diligence on certain investments.” The customer is seeking $1,500,000 in damages and the case is currently pending. The complaint is regarding direct investments and took place while Dillard was registered with SagePoint Financial, Inc.
June 2020. “Claimant alleges that the representative recommended unsuitable investments, made misrepresentations/omissions, and breached fiduciary duties.” The case is currently pending. The complaint was regarding variable annuities and direct investments and the complaint took place while Dillard was registered with SagePoint Financial, 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, Sagepoint Financial, Inc. may be liable for investment or other losses suffered by Dillard’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.