Were You a Victim of Cabot Lodge Securities LLC Financial Advisor Robert Tweed?
Posted on Wednesday, September 20th, 2017 at 9:42 am
Erez Law is currently investigating Cabot Lodge Securities LLC financial advisor Robert Tweed (CRD# 2339324) regarding losses from a pooled investment fund. Tweed has been registered with Cabot Lodge Securities LLC in San Marino, California since 2015. Previously, he was registered with Concorde Investment Services, LLC in San Marino, California from 2011 to 2015. In 2005, Tweed was terminated from National Planning Corporation in El Segundo, California regarding, “Violations of NASD conduct rule 2210” which is regarding communication with the public.
In April 2017, Tweed was named in a FINRA complaint that alleged that he obtained more than $1.6 million from his retail customers through a false and misleading private placement memorandum (PPM) he used to offer and sell interests in a pooled investment fund that he both created and controlled. According to the complaint, Tweed drafted and circulated a PPM that misrepresented and failed to disclose material and accurate information about costs and fees to 23 investors. Additionally, “Tweed and the PPM misrepresented or failed to disclose material facts to retail customers, including that Tweed had replaced the fund’s identified master fund with another entity controlled by an undisclosed person, who would now have immediate control over the fund’s assets.” Based on this misrepresentations and omissions, fund investors could not evaluate the costs and risks associated with the investment and they could not vet the undisclosed person who had control over their capital and engaged in bank fraud and fraudulent trading in another pooled investment program. Additionally, after the fund ended, “the undisclosed person abandoned the computerized quantitative trading strategy described in the PPM, exercising his undisclosed control over the fund’s assets to transfer $650,000 to a third-party financier, purportedly to support the importation, refining and sale of Ghanaian gold dust in the United States. The profit promised from this investment never materialized, the $650,000 has not been repaid and it may never be recovered by the fund’s investors.”
Tweed has been the subject of 11 customer complaints between 2003 and 2017, two of which were closed without action, according to his CRD report:
February 2017. “Client is alleging misrepresentation and poor performance in relation to investments made in July of 2013.” The customer is seeking $145,000 in damages and the case is currently pending.
April 2016. “Claimant alleges violation of standards of reasonable basis suitability and just and equitable principles of trade, fraud, misleading statements, misleading ommissions (sp) of material information, breach of fiduciary duty, neglegent (sp) misrepresentation, negligence, breach of contract, and breach of covenant of good faith and fair dealing.”
December 2015. “Claimant alleges breach of fiduciary duty, misrepresentations and ommissions (sp),failure to supervise, unfair and deceptive trade practices, violation of state of state and federal securities laws, and elder abuse.” The case was settled for $160,000.
July 2015. “Client is alleging unauthorized trading, misrepresentation and misappropriation of funds in relation to various limited partnership investments occurring between 2010 and 2013.”
November 2014. “Misrepresentation, breach of fiduciary duty, breach of disclosure, negligence, in relation to tenant in common interest sold in 2007.” The final decision amounted to $334,000.
June 2011. “Breach of fiduciary duty, professional negligence of financial advisor, negligent omissions causing injury, negligent misrepresentation of material facts, common count – money had and received, rescission of contract due to fraud or mistake, tort of another claim for attorney’s fees, declaratory relief regarding arbitration agreements, unfair business practices under ca code, fraud in the sale of securities under CA Blue Sky Laws, sale of unregistered securities under CA Blue Sky Laws.” The customer sought $1,800,000 in damages and the case was settled for $17,500.
July 2010. “Unsuitable investments, breach of contract, fraud, breach of fiduciary duty, negligent for the sales of watersong apartments and cabot turfway ridge acquisition in February 2007. Claiments are not clients of Capwest Securities.” The client sought $700,000 in damages and the case was settled for $156,250.
June 2009. “Alleges fraudulent misrepresentation, fraudulent concealment / omission, negligent misrepresentation, negligent concealment / omission, negligence, unsuitability, failure to supervise, breach of fiduciary duty, breach of implied covenant of good faith and fair dealing, elder abuse under ca law, violation of state and federal securities laws, violations of FINRA, NAS and NYSE rules.” The customer sought $1,870,000 in damages and the case was settled for $338,000.
July 2003. “Client claims that he did not receive the variable annuity policy and subsequently wanted to rescind the contract within the free look period.” The case was settled for $10,172.33 in damages.
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, Cabot Lodge Securities LLC may be liable for investment or other losses suffered by Tweed’s customers.
Erez Law represents investors in the United States for claims against Cabot Lodge Securities LLC financial advisor Robert Tweed regarding losses from a pooled investment fund. If you were a client of Cabot Lodge Securities LLC or another firm, 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.