Did You Lose Money with Former Taylor Capital Management Inc. Financial Advisor Dennis Farrah?
Posted on Monday, April 9th, 2018 at 11:07 am
Erez Law is currently investigating former Taylor Capital Management Inc. financial advisor Dennis Farrah (CRD# 2703960). Farrah was registered with Taylor Capital Management Inc. in Aurora, Colorado from 2013 to December 2017, when he was terminated regarding, “After Farrah’s voluntary resignation, on January 17, 2018,TCM Securities, Inc. was advised by the Colorado Division of Securities that the Division was prepared to file charges against Farrah for selling away, short-term real estate notes, without advising TCM of his intention to do so. TCM was further advised that the Colorado Division of Securities were seeking a bar from the securities industry in Colorado for Farrah. However, currently the charges are being negotiated and no charges have been file.”
In January 2018, Colorado revoked his license and barred Farrah from association with any licensed broker dealer, investment adviser, or federally covered adviser that conducts business in Colorado regarding allegations, “Sale of security made without the knowledge or written approval of broker dealer and transactions never recorded on books and records of TCM.”
Farrah has been the subject of six customer complaints between 1998 and 2018, one of which was denied and one was closed without action, according to his CRD report. Recent complaints include:
March 2018. “Allegations: Breach of Fiduciary Duty; Negligence; and Violations of Colorado Securities Laws. Activities leading to allegations: The sale of Madyson Capital Management LLC Limited Partnership units by Dennis M. Farrah (Respondent) to (customer name) (Claimant) in March, 2017 who represented that the Madyson Capital LP Units were low-risk, guaranteed, sale and a profitable investment, while failing to disclose the numerous conflicts of interest, misuse of investor funds, and misappropriate of assets purchase with investor funds.” The customer is seeking $58,297 in damages and the case is currently pending.
February 2018. “Allegations: Breach of Fiduciary Duty; Fraud & Misrepresentations; Negligence; Violation of Colorado Securities Laws. Events related to allegations. In February, 2017, Farrah sold Madyson Capital Management LLC Limited Partnership units to Claimant (customer name) and misrepresented the units as being low-risk, guaranteed, safe and profitable.” The customer is seeking $424,052 in damages and the case is currently pending.
February 2018. “Allegations: Breach of Fiduciary Duty, Negligence, Violation of Colorado’s Securities Laws. Events related to allegations. In May of 2016, Claimant, (customer name) was sold Limited Partnership units of Madysen Capital Management, LLC basedd upon misrepresentations and omissions of material facts.” The customer is seeking $60,818 in damages and the case is currently pending.
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, Taylor Capital Management Inc. may be liable for investment or other losses suffered by Farrah’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.