SEC Alleges Ausdal Financial Partners Advisor Sold Clients Turkish Investment Scam
The White Law Group is investigating potential securities fraud claims involving Ausdal Financial Partners and the liability the firm may have for failure to supervise its advisors.
The SEC reportedly charged Former Ausdal Financial Partners financial advisor Richard “Guy”Duncan with fraud in connection with selling over $300,000 in a purported bad Turkish investment last August.
The regulator reportedly charged Duncan with fraud, claiming two banks warned the advisor that the Turkish investment was probably a scam. He reportedly ignored the warnings, failing to disclose the risks to clients, while allegedly promising 100% return on investment on the product, according to the SEC.
Ausdal Financial Partners, a corporate registered investment advisor, reportedly fired Duncan in March 2019, for “failure to follow firm policies on loans with clients and lack of timely notice of a break-in at his branch office.”
According to his broker profile, Duncan was reportedly affiliated with Ausdal in East Longmeadow, MA, from 2017 until 2019. He has one complaint filed against him in July 2020 alleging unsuitable investments. The damage amount requested is $405,045 and the suit is still pending, according to the SEC.
Investigating Potential Lawsuits
Ausdal Financial Partners and all broker-dealers have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct. 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.
When brokers violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
If you suffered investment losses with Richard “Guy” Duncan and Ausdal Financial Partners, Inc., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.