The GMS Group Financial Advisor Brett Ellis Receives $1 Million Customer Complaint

Posted on Friday, April 12th, 2019 at 12:58 pm    

The GMS Group

There are options for customers of The GMS Group financial advisor Brett Ellis (CRD# 5293493) who suffered investment losses. Ellis has been registered with The GMS Group in Boca Raton, Florida since 2007.

Ellis has been the subject of two customer complaints between 2009 and 2018, according to his CRD report:

August 2018. “Client alleges misrepresentation, breach of fiduciary duty, unsuitable recommendations, and negligence from inception of accounts.” The customer is seeking $1 million in damages and the case is currently pending. This case is regarding municipal debt.

April 2009. “The clients allege a security purchased in April 2008 was misrepresented by the account executive.” The customer sought $23,000 in damages and the case was settled for $7,900.

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, The GMS Group may be liable for investment or other losses suffered by Ellis’ 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.