Concerned about Investment Losses with Stuart Dickinson?
According to FINRA, Stuart Dickinson (CRD #1047824, Highland Park, Texas) was barred from association with any FINRA member in any capacity and required to pay $924,000, plus interest, in restitution to customers.
The sanctions were based on findings that Dickinson allegedly sold securities without reasonable grounds for believing that the investment was suitable for any investor. The findings alleged that Dickinson sold more than $1 million of limited partnership interests in a company whose purported business was to acquire and operate automated teller machines (ATMs) to seven customers while he was associated with his member firm.
Allegedly, the company did not own any ATMs. Dickinson’s firm permitted him to sell interests in the company as private securities transactions. Dickinson allegedly recommended the securities without first conducting adequate and reasonable due diligence on the company. Dickinson purportedly failed to verify or confirm information he obtained from interested parties, and failed to detect multiple red-flag warnings that the company was a fraudulent Ponzi scheme.
As a result, the customers lost their entire investments. If Dickinson had conducted a reasonable investigation, he would have recognized red flags indicating that the offering was fraudulent and thus unsuitable for any investors regardless of their wealth, risk tolerance, age or other individual characteristics.
For FINRA’s full findings see FINRA Case #2012033286901.
According to FINRA BrokerCheck, Dickinson was registered with WFG Investments in Highland Park, Texas from 10/27/2005 – 09/25/2013 until he was discharged due to the above allegations. He has two customer complaints listed on his Broker report for allegations of unsuitability, fraud, misrepresentation, and lack of supervision with respect to a purchase of a private placement and ETFs.
Recovery of Investment Losses
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Stuart Dickinson, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.