Erez Law Investigates Former Cadaret, Grant & Co., Inc. Broker Gerald Dewes
Posted on Tuesday, February 11th, 2020 at 4:14 pm
Were you the victim of former Cadaret, Grant & Co., Inc. broker Gerald Dewes (CRD# 2465538)? Dewes has been registered with Cadaret, Grant & Co., Inc. in East Amherst, New York from 2014 to 2019, when he was terminated regarding, “Advisor sold away from the firm by soliciting client investments into an undisclosed outside business activity, Elite Roasters, Inc. for which he was an officer and director. Internal review continues.”
In March 2020, FINRA barred Dewes after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into his potential participation in undisclosed private securities transactions and outside business activities.
Dewes has been the subject of three customer complaints between 1999 and 2019, one of which was withdrawn, according to his CRD report:
November 2019. “Independent RIA client [REDACTED] alleged that he heard nothing from advisor Dewes despite repeat promises of 10% returns three years earlier.” The case is currently pending. The complaint took place while Dewes was registered with Sunbridge Management Inc.
September 2002. “Client alleges broker traded client in a manner inconsistent with the stated investment objectives, and was not adequately supervised by broker dealer.” The customer sought $91,000 in damages and the case was settled for $25,500. The case was regarding a managed account and took place while Dewes was registered with John Hancock Financial Services in 1997.
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, Cadaret, Grant & Co., Inc. may be liable for investment or other losses suffered by Dewes’ 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.Disclaimer: Clients are responsible for costs. Contingency fee is calculated before deducting costs incurred in the case.