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Erez Law Investigates Money Concepts Capital Corp. Financial Advisor Craig Sutherland

Posted on Thursday, March 29th, 2018 at 4:45 pm    

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Did you lose money investing with Money Concepts Capital Corp. financial advisor Craig Sutherland (CRD# 2001873)? Sutherland has been registered with Money Concepts Capital Corp. in Columbus, Ohio since 1994.

In January 2018, FINRA suspended Sutherland for 15 days and sanctioned him to $5,000 in civil and administrative penalties after he consented to the sanctions and to the entry of findings that he utilized his personal email address for communications to a customer related to his securities business.

Sutherland has been the subject of nine customer complaints between 2010 and 2018, two of which were denied, according to his CRD report:

February 2018. “Client alleging unsuitable investments, negligence, failure to conduct due diligence, supervise and other industry rules.” The customer is seeking $400,000 in damages and the case is currently pending.

February 2018. “Client alleging unsuitable investments, negligence, failure to conduct due diligence, supervise and other industry rules.” The customer is seeking $260,000 in damages and the case is currently pending.

November 2016. “[Customer]owed a diversified fee based managed account along with a deferred annuity in her IRA. {Customer] wanted to speculate with a portion of her money in her managed account. With that portion she purchased shares of Tanzania Royalty Exploration. [Customer] is looking to recover the stocks lost value in addition to all of the fees associated with the managed account for the years she held it. [Customer] is identifying one position only within the diversified managed portfolio. The representative has documentation of her knowledge and acceptance of the purchase of Tanzania Royalty shares, reviews ongoing of all of her portfolio signed by [Customer]. and never had an issue during their duration of the relationship. [Customer] never reached out to representative or the broker dealer to express any concern.” The customer sought $25,000 in damages and the case was settled for $14,500.

January 2016. “The firm received a letter of demand from the customer attorney. Although the demand letter did not identify any transaction, attorney is alleging customer suffered a net loss of approximately $300000 as a result of reps negligent and inappropriate management of customer accounts. Customer accounts are non-discretionary and are not managed by rep. Attorney did not identify any specific transaction that he contends were inappropriate.Client is alleging unsuitability, negligence, misrepresentation, breach of fiduciary duty and breach of contract. Client alleges her funds to be over-concentrated in equities. 6/6/2016 Client is alleging unsuitability, negligence, misrepresentation, breach of fiduciary duty and breach of contract. Client alleges the funds were over concentrated in equities.” The customer sought $300,000 in damages and the case was settled for $130,000.

June 2014. “Claimants are alleging the John Hancock variable annuity, Ngas Oil & Gas, American Realty Capital Healthcare REIT and Tanzanian Royalty Exploration Company (TRX) were unsuitable. They further allege misrepresentation and omissions, breach of fiduciary duty, violation of finra conduct rules, neglect, failure to supervise, breach of contract, and vicarious liability. Claimants are alleging they have suffered damages of approximately $500,000. Claimants are alleging the john hancock variable annuity, ngas oil & gas, american realty capital healthcare reit and tanzanian royalty exploration company (trx) were unsuitable. They further allege misrepresentation and omissions, breach of fiduciary duty, violation of finra conduct rules, neglect, failure to supervise, breach of contract, and vicarious liability. Claimants are alleging they have suffered damages of approximately $500,000.” The case was settled for $130,000.

March 2012. “Clients allege unauthorized and unsuitable investments involving numerous purchases of Tazanian Royalty Exploration corporation which were purchased in all four accounts. Client’s also alleged that registered representative failed to advise clients about mutual fund breakpoints and front-end loads both of which resulted in excess commissions. Rep denies these allegations.” The customer sought $42,268 in damages and the case was settled for $10,472.

December 2010. “February 2008 client opened account with RR. Client is alleges unsuitability negligence, unauthorized trading, violation of oh Blue-Sky laws, breach of fiduciary duties and breach of contract.” The customer sought $141,000 in damages and the case was settled for $63,000.

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, Money Concepts Capital Corp. may be liable for investment or other losses suffered by Sutherland’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.