Did you suffer investment losses due to recommendations by former Madison Avenue Securities, LLC broker Noel Vincent (CRD# 1370987)? Vincent was registered with Ele Wealth Advisors, Inc. in Southfield, Michigan from June to August 2018. Vincent was previously registered with Madison Avenue Securities, LLC in Houston, Texas from 2009 to 2018.
In August 2009, the state of Texas sanctioned Vincent to a $25,000 civil and administrative penalty and fine after he failed to have all forms and documents completed prior to obtaining a customer’s signature and had an administrative assistant add missing information to incomplete forms without a customer’s authorization, including but not limited to initialing on a customer’s behalf.
Vincent has been the subject of 18 customer complaints between 2008 and 2019, five of which were denied, according to his CRD report. Recent complaints are regarding:
July 2019. “Unsuitable investments and misrepresentation.” The customer is seeking $100,000 in damages and the case is currently pending. The case was regarding direct investments.
June 2019. “Unsuitable investment recommendations.” The case is currently pending. This case was regarding direct investments.
March 2019. “Allegations listed on the Statement of Claim include the following: Fraudulent Concealment, Violation of Common Fraud, Violation of Common Law Negligent Misrepresentation, Breach of Fiduciary Duty and Negligence. No dates were listed on the Statement of Claim for the time period of these allegations. None of the alternative investments listed on the Statement of Claim were sold through Madison Avenue Securities, LLC.” The customer is seeking $100,000 in damages and the case is currently pending. This case was regarding real estate securities and oil and gas sector investments.
November 2018. “Allegations listed on Statement Of Claim: Fraudulent Concealment, Violation of Common Law Fraud, Violation of Common Law Negligent Misrepresentation, Breach of Fiduciary Duty, Negligence. No dates are listed on the SOC for these activities. Client is deceased.” The customer is seeking $100,000 in damages and the case is currently pending. The case was regarding oil and gas and real estate securities.
March 2018. “Claimant alleges issues with suitability and loss of principle pertaining alternative investment during the period 2008 through 2017.” The customer is seeking $295,000 in damages and the case is currently pending. The case was regarding business development companies (BDCs), direct investments, mutual funds, and real estate securities.
November 2017. “Claimant Alleges misrepresentation and suitability issues with products purchased during the period 200-2014.” The customer is seeking $100,000 in damages and the case is currently pending. The case was regarding fixed annuities, equipment leasing, mutual funds, real estate securities, and debenture.
August 2017. “Claimant alleged suitability issues with a product they purchased in May of 2013 through another rep, not through Mr. Vincent who should not have been named in this case. Among other things, Claimant met the suitability requirement to purchase the product at issue, and Claimant signed the Subscription Agreement for the product. In addition, the product purchase was an alternative investment that performed to expectations, including paying dividends and going “full cycle,” which means it ultimately went public and was listed on the NASDAQ. Claimants allegations and claims are baseless and without merit. There is no basis for allegations against the RR.” The customer sought $50,000 in damages and the case was settled for $24,000. The case was regarding real estate securities.
August 2017. “Claimants alleged issues with suitability pertaining to alternative investment products, the majority of which were purchased over 10 years ago. Among other things, Claimants signed the Subscription Agreement associated with each product, and Claimants met the suitability requirements to invest in the products they brought at issue in the claim.” The case was settled for $35,000. The case was regarding real estate securities.
April 2017. “Claimant purchased United Development Funding III and IV and claims inadequate due diligence, negligent misrepresentations and omissions of material facts.” The customer sought $75,000 in damages and the case was settled for $19,000. The case was regarding direct investments.
January 2017. “Claimants alleges negligence, misrepresentation, omission and breach of fiduciary duty related to the recommendation of and subsequent purchase of alternative investments during the period 2005 through 2008.” The customer is seeking $500,000 in damages and the case is currently pending. The case was regarding direct investments, insurance, and oil and gas sector investments.
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, Madison Avenue Securities, LLC may be liable for investment or other losses suffered by Vincent’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.
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