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Were You a Victim of Former WFG Investments, Inc. Financial Advisor Damian Bell?

Posted on Monday, July 17th, 2017 at 6:52 pm    

Erez Law is currently investigating former WFG Investments, Inc. financial advisor Damian Bell (CRD# 2348521) regarding unsuitable investment recommendations, misrepresentations, and failure to conduct due diligence. Bell has been registered with International Assets Advisory, LLC in Orlando, Florida since June 2017. Previously, he was registered with WFG Investments, Inc. in Daphne, Alabama from 2010 to 2017.

Bell has been the subject of seven customer complaints between 2003 and 2017, one of which was denied and one was closed without action, according to his CRD report:

May 2017. “Claimants allege failure to conduct reasonable due diligence, made materials misrepresentations and failed to disclose material facts. These activities are alleged to have occurred between May to October 2013.” The customer is seeking $505,000 in damages and the case is currently pending.

April 2017. “Customer alleges investment recommendations were unsuitable. Dates involved were from April 2015 to March 2016.” The customer sought $37,000 in damages and the case was settled for $4,950.

January 2017. “Claimants allege failure to conduct reasonable due diligence, made materials misrepresentations and failed to disclose material facts. These activities are alleged to have occurred between June through December 2013.” The customer is seeking $1,100,000 in damages and the case is currently pending.

March 2016. “Claimants allege various failures including failure to conduct a reasonable investigation into Servergy, misrepresentation, unsuitable recommendations and breach of fiduciary duty.” The client sought $2,780,000 in damages and the case was settled for $250,000.

October 2006. “Client alleges their financial advisor made unsuitable recommendations and failed to disclose fees.” The customer sought $292,000 in damages and the case was settled for $40,000.

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, WFG Investments, Inc. may be liable for investment or other losses suffered by Bell’s customers.

Erez Law represents investors in the United States for claims against former WFG Investments, Inc. financial advisor Damian Bell regarding unsuitable investment recommendations, misrepresentations, and failure to conduct due diligence. If you were a client of WFG Investments, Inc. 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.