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Investigation of Former First Allied Securities, Inc. Financial Advisor Sean Brady

Posted on Wednesday, July 11th, 2018 at 6:31 am    

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There are options for customers of former First Allied Securities, Inc. financial advisor Sean Brady (CRD# 4365173) who suffered losses due to unsuitable recommendations and material misrepresentations and omissions. Brady was registered with First Allied Securities, Inc. in St. Louis, Missouri from 2008 to November 2017, when he was terminated regarding, “RR violated the firm’s policies pertaining to: 1.) client alleged falsification of signature on documents; 2.) text messaging; and 3.) consolidated account reports.”

In June 2018, FINRA barred Brady after he consented to the sanction and to the entry of findings that he failed to provide FINRA with any of the information or documents requested during the course of an ongoing examination into possible sales practice violations committed by Brady while registered with a FINRA member firm.

Brady has been the subject of six customer complaints between 2017 and 2018, according to his CRD report:

March 2018. “Claimant alleges that RR misrepresented her net worth, made an unsuitable recommendation, and made misrepresentations and omissions with respect to her investment from 2017.” The customer is seeking $265,000 in damages and the case is currently pending.

March 2018. “Claimant alleges that RR misrepresented her net worth, completed paperwork on her behalf without permission, made an unsuitable recommendation, and made misrepresentations and omissions with respect to her investments from 2012.” The customer is seeking $1,360,000 in damages and the case is currently pending.

March 2018. “Claimant alleges that RR misrepresented his net worth, completed paperwork on his behalf without permission, and made misrepresentations and omissions with respect to his investments from 2012.” The customer is seeking $1,560,000 in damages and the case is currently pending.

March 2018. “Claimants allege that RR misrepresented their net worth, completed paperwork on their behalf without permission, and made misrepresentations and omissions with respect to their investments from 2012.” The customer is seeking $685,000 in damages and the case is currently pending.

February 2018. “Claimant alleges that RR misrepresented his net worth and completed paperwork on his behalf without permission in 2014.” The customer is seeking $129,730.49 in damages and the case is currently pending.

October 2017. “Client alleges that RR signed her name on documents, misled her, and put her into unsuitable investments.” 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, First Allied Securities, Inc. may be liable for investment or other losses suffered by Brady’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.