GPB Capital Holdings Losses with Former Madison Avenue Securities, LLC Broker Robert Luley Jr.

Madison Avenue Securities, LLC

Erez Law is currently investigating former Madison Avenue Securities, LLC broker Robert Luley Jr. (CRD# 4176139), who is alleged to recommend unsuitable GPB Capital Holdings investments. 

Robert Luley Jr. was registered with Pruco Securities, LLC in Charlotte, North Carolina from 2020 to 2022, when he was terminated regarding “Registered Representative failed to amend his U4 in a timely manner to disclose the closing of two client complaints initiated at his prior Broker Dealer, and he failed follow Company policy for moving his Registered Private Office to his home.” He was also registered with Prudential Financial Planning Services in Charlotte, North Carolina since June 2020. Previously, he was registered with Madison Avenue Securities, LLC in Clover, South Carolina from 2014 to 2018. 

Robert Luley Jr. Customer Complaints 

Robert Luley Jr. has been the subject of nine customer complaints between 2020 and 2022, according to his CRD report:

June 2022. “Unsuitable recommendations of alternative investments.” The customer is seeking $250,000 in damages. 

May 2022. “Unsuitable recommendations of alternative investments.” The customer is seeking $100,000 in damages.

December 2021. “Unsuitable recommendation of non-traded REIT.” The customer sought $70,000 in damages and the case was settled for $35,000. The complaint is regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

October 2020. “Unsuitable recommendations of alternative investments.” The customer sought $150,000 in damages and the case was settled for $66,180.93. The complaint is regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

October 2020. “Unsuitable purchase of GPB Automotive.” The customer sought $100,000 in damages and the case was settled for $101,732.98. The complaint is regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

August 2020. “Unsuitable recommendation re: GPB Automotive.” The customer sought $75,000 in damages and the case was settled for $59,015.67. The complaint was regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

July 2020. “Claimants allege unsuitable recommendation of GPB in Jan 2018.” The customer sought $70,000 in damages and the case was settled for $35,000. The complaint was regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

June 2020. “Claimants allege failure to conduct Due Diligence on several points, unsuitable recommendation, over concentration, misrepresentations and omissions in violation of FINRA and SC regulations in the sale of alternative investments starting in 2014.” The customer sought $250,000 in damages and the case was settled for $132,535.55. The complaint was regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

April 2020. “Claimants allege failure to conduct Due Diligence on several points, unsuitable recommendation, over concentration, misrepresentations and omissions in violation of FINRA regulations in the sale of alternative investments. The client opened their accounts in 2014.” The case was settled for $170,000. The complaint is regarding direct investments and took place while he was registered with Madison Avenue Securities, LLC.

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 Robert Luley Jr.’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.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.