Former Raymond James & Associates, Inc. Broker Guilford Nergard Investment Loss Options
Posted on Monday, October 18th, 2021 at 6:34 pm
Were you the victim of former Raymond James & Associates, Inc. broker Guilford Nergard (CRD# 2360614)? Nergard has been registered with San Blas Securities LLC in Atlanta, Georgia since August 2021 and with Newbridge Securities Corporation in Mesa, Arizona from 2020 to 2021. Previously, Nergard was registered with Raymond James & Associates, Inc. in Tempe, Arizona from 2013 to 2020, when he was terminated regarding, “In violation of Firm policy, FA did not obtain Firm approval prior to executing trades that exceeded use of time discretion in non-discretionary advisory accounts.”
In April 2021, the Arizona Corporation Commission Securities Division sanctioned Nergard to pay a $2,500 civil and administrative penalty and fine and suspended him for three months regarding allegations that Nergard made discretionary trades for his clients without proper authorization.
Nergard has been the subject of five customer complaints between 2002 and 2021, one of which was denied, according to his CRD report. The most recent complaints are regarding:
May 2021. “Client alleged poor performance due to the mismanagement of accounts. Alleged Activity Dates: 6/4/2013 – 11/6/2020.” The customer sought $383,584.10 in damages and the case was settled for $175,000. The complaint was regarding managed wrap accounts and took place while Nergard was registered with Raymond James & Associates, Inc.
October 2020. “Client alleges unauthorized trading and excessive trading.” The customer is seeking $158,433.90 in damages and the case is currently pending. The case was regarding common and preferred stocks and took place while Nergard was registered with Raymond James & Associates, 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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Nergard’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.