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Former Independent Financial Group, LLC Broker Shawn Davis Investment Loss Options

Posted on Wednesday, May 20th, 2020 at 7:16 am    

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There are options for clients who suffered investment losses due to recommendations by former Independent Financial Group, LLC broker Shawn Davis (CRD# 2911230). Davis was registered with Independent Financial Group, LLC in Auburn, California from 2014 to 2017. Prior to that, Davis was registered with WFG Investments, Inc. in Auburn, California from 2012 to 2014.

Davis has been the subject of 10 customer complaints between 2013 and 2020, one of which was withdrawn, according to his CRD report. Recent complaints are regarding:

January 2020. “The clients allege the investments they purchased in 2011 were unsuitable and misrepresented to them by the representative. The clients also allege the firm failed supervise the actions of the representative.” The case was settled for $7,000. The case was regarding direct investments, real estate securities, and DPP and LP interests equipment leasing and the complaint took place while Davis was registered with Berthel Fisher and Company Financial Services, Inc. and Independent Financial Group, LLC.

October 2019. “Claimants allege their DPP and REIT investments were not suitable.” The customer is seeking $800,000 in damages and the case is currently pending. The complaint was regarding direct investments, DPP and LP interests, real estate investment trusts (REITs) and took place while Davis was registered with Independent Financial Group, LLC.

August 2018. “The clients allege the investments they purchased in 2012 were unsuitable and misrepresented to them by the representative. The clients also allege the firm failed to conduct adequate due diligence and failed to supervise the representative.” The case is currently pending. The complaint was regarding real estate securities, business development companies (BDCs), and DPP and LP interests equipment leasing and took place while Davis was registered with Berthel Fisher & Company Financial Services, Inc., WFG Investments, Inc., & Independent Financial Group, LLD.

July 2018. “Claims investments were unsuitable; appears all purchases were made while Mr. Davis was associated with another BD (NOT IFG).” The customer is seeking $560,000 in damages and the case is currently pending. The complaint took place while Davis was registered with WFG Investments and was regarding direct investments and REITs.

April 2018. “The clients allege the investments they purchased between 2007 & 2011 were unsuitable and misrepresented to them by the representative. The clients also allege the firm failed to supervise the actions of the representative.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint took place while Davis was registered with Berthel Fisher & Company Financial Services, Inc. and was regarding direct investments, oil and gas securities, and real estate securities.

March 2018. “The claimants allege the investments they purchased between 2005 & 2006 were unsuitable and misrepresented by the representative. The claimants also allege the firms failed to supervise the actions of the representative.” The customer is seeking $1,500,000 in damages and the case is currently pending. The complaint took place while Davis was registered with Berthel Fisher & Company Financial Services, Inc. and Royal Alliance Associates, Inc. and was regarding direct investments and real estate securities.

September 2017. “Negligence, misrepresentations, ommissions, breach of fiduciary duty, violation of CA corporations code, churning in connection REIT investments purchased from 2013 to 2016.” The case was settled for $18,000. The complaint was regarding REITs and took place while Davis was registered with WFP Securities and Independent Financial Group LLC.

October 2016. “Allegations included unsuitable investments, negligence, breach of fiduciary duty, fraud in connection with dpp investments purchased from 2008-2010.” The customer is seeking $740,000 in damages and the case is currently pending.

March 2016. “Client correspondence alleged they were not fully informed of the risks associated with REIT offerings purchased from 2013 to 2015.” The case is currently pending. The complaint took place while Davis was registered with WFG Securities and Independent Financial Group, LLC and was regarding direct 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, Independent Financial Group, LLC may be liable for investment or other losses suffered by Davis’ 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.