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Unsuitable Investment Recommendations with Dawson James Securities, Inc. Broker Robert Armstrong PhD

Posted on Tuesday, April 30th, 2019 at 7:59 pm    

Dawson James Securities

Dawson James Securities, Inc. broker Robert Armstrong PhD (CRD# 5236735) is accused of unsuitable investment recommendations resulting in losses. Armstrong has been registered with Dawson James Securities, Inc. in Boca Raton, Florida since 2012. 

Armstrong has been the subject of seven customer complaints between 2017 and 2019, according to his CRD report:

May 2021. “Customer claims that rep’s failure to sell shares of a sub NASDAQ security not held at rep’s clearing firm resulted in lost profits of approximately $2,000,000.00. This occurred, per the customer, during February 2021.” The customer is seeking $2,000,000 in damages. 

January 2019. “Material misstatements and omissions, unsuitable recommendations and investing claimants account negligently.” The customer sought $105,000 in damages and the case was settled for $35,000. This case is regarding direct investments. 

January 2019. “Material misstatements, unsuitable recommendations, failure to give full disclosures and failure to invest claimant’s account prudently.” The customer sought $120,000 in damages and the case was settled for $10,000. This case was regarding direct investments. 

December 2018. “Claimants allege material misstatements, unsuitable recommendations, failure to give full disclosures and failure to invest Claimants’ accounts prudently.” The customer is seeking $375,000 in damages and the case is currently pending. This case is regarding direct investments. 

April 2018. “Misrepresentation, promissory statements and unsuitable recommendation.” The customer sought $300,000 in damages and the case was settled for $96,000. This case is regarding direct investments. 

April 2018. “The clients allege that Dr. Armstrong made misrepresentations and promissory statements in regard to a private placement that was not suitable for the investors.” The customer sought $900,000 in damages and the case was settled for $265,000. This case is regarding direct investments. 

February 2018. “Misrepresentation, promissory statements and unsuitable recommendation.” The customer sought $230,000 in damages and the case was settled for $62,500. This case is regarding direct investments. 

March 2017. “False and misleading assurances and unsuitable recommendations.” The customer sought $444,000 in damages and the case was settled for $150,000. This case is regarding promissory notes. 

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, Dawson James Securities, Inc. may be liable for investment or other losses suffered by Armstrong’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.