Stuart Graham Dickinson, of Highland Park, Texas, was barred by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in a default decision made by FINRA’s Office of Hearing Officers for allegedly selling more than $1 million of limited partnership interests in a company supposedly acquiring and operating ATM machines which caused his investor customers to lose their entire investments.
FINRA alleged that while associated with WFG Investments, Inc., Stuart Dickinson recommended and sold limited partnership interests in ATM Alliance, LP to seven customers without conducting proper and reasonable due diligence on the company. FINRA alleges further that Mr. Dickinson failed to detect numerous red flag warnings that ATM Alliance was a fraudulent Ponzi scheme. The seven investors Mr. Dickinson sold the ATM Alliance limited partnership interests to suffered a total loss of their investments. Mr. Dickinson was barred from association with any FINRA member in any capacity and required to pay $924,000 plus interest in restitution to customers.
Stockbrokers have been known to engage in many types of practices that violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm’s own policies and procedures. If broker-dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages that flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct, such as recommending an investment without doing adequate due diligence, can file a claim to recover damages against broker dealers like, WFG Investments, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your WFG Investments account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, failure to perform adequate due diligence, and/or other prohibited, fraudulent conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.