Brandon Curt Stimpson (CRD#: 4299623), former Allegis Investment Services’ broker, continues to face customer disputes for unsuitable recommendations, unauthorized trading, deceptive practices, and breach of fiduciary duty. The most recent complaint requested damages of $2,481,000.
If you believe that you have suffered losses as a result of Mr. Stimpson’s negligence or intentional wrongdoing, please contact Levin Law, P.A. for a free case evaluation to see if you qualify to bring a lawsuit, arbitration claim, or class action.
With 16 years of experience in the industry, Stimpson’s disputes took place while working for Allegis Investment Services. Stimpson allegedly bought and sold put options tied to the performance of the Russell 2000 Index, resulting in damages to customers. After his misconduct, Allegis Investment Services terminated his employment because he “failed to follow firm policies and code of ethics.”
The misconduct that Stimpson was alleged to be engaged in is a violation of FINRA’s suitability rule, Rule 2111. When making recommendations, financial advisors can recommend only transaction or investment strategies that are suitable to each client based on their profile, which includes their age, other investments, financial situation, tax status, investment objectives, and risk tolerance. Making unsuitable recommendations can form the basis for arbitration claims against brokerage firms if the unsuitable investment recommendations cause damages.
If your stockbroker, financial advisor, or investment professional engages in making unsuitable recommendations, the company that he or she works for might be liable to you for resulting damages. Furthermore, brokerage firms, such as FSC Securities Corp. are required to supervise their brokers and financial advisors under FINRA Rule 3110.
According to FINRA BrokerCheck, Allegis Investment Services failed to reasonably supervise Stimpson resulting in a disclosure for an arbitration award of $404,482. Failure to supervise, which results in losses to a customer, may result in the brokerage firm being held liable and responsible for customers’ damages as in this case.
Contact Levin Law managing partner Brian Levin at (305) 402-9050 or email email@example.com for a free case evaluation. We accept most cases on a contingency-fee basis, meaning you are not responsible for Levin Law’s attorney fees unless money is recovered on your behalf.
Levin Law is a premier national securities and class action law firm. Brian Levin, Levin Law’s founding attorney, has helped recover in excess of $100,000,000 in assets through securities arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.