Brandon Curt Stimpson of North Logan Utah a stockbroker associated with Allegis Investment Services LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,481,000.00 in damages supported by allegations of (1) breach of a fiduciary duty by Stimpson (2) unauthorized and unsupervised options trades in the customer’s Allegis Investment Services account and (3) deceptive practices which resulted in losses for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01433 (June 19, 2019).
FINRA Public Disclosure reveals that Stimpson has been referenced in nine more customer initiated investment related disputes concerning accusations of his sales practice violations while associated with Allegis Investment Services and Allegis Investment Advisors.
On January 30, 2017, a customer filed an investment related arbitration claim in reference to Stimpson’s conduct where the customer sought $400,000.00 in damages based upon accusations of a bad options strategy implemented for the customer’s account which generated losses. FINRA Arbitration No. 17-00135.
On October 2, 2017, a customer filed an investment related arbitration claim concerning Stimpson’s activities where the customer sought $300,000.00 in damages founded on accusations of Stimpson’s use of an unsuitable options strategy for the Allegis Investment Advisors customer. FINRA Arbitration No. 17-02566.
Stimpson is the subject of another customer initiated investment related arbitration claim in which the customer was awarded $270,452.34 in compensatory damages based upon Stimpson and Allegis Investment Advisors being found liable for the customer’s losses. FINRA Arbitration No. 16-03643 (Mar. 6, 2018).
According to the claim, purchases and sales of put options linked to the Russell 2000 Index were effected on an unsuitable and unauthorized basis in the customer’s account. Fiduciary obligations were violated and securities transactions failed to be supervised by Allegis Investment Advisors resulting in the customer’s loses.
On March 21, 2019, a customer initiated investment related arbitration claim pertaining to Stimpson’s conduct was settled for $48,000.00 in damages supported by allegations of Stimpson’s negligence and breach of both contractual and fiduciary duties relating to index option trades while at Allegis Investment Advisors. FINRA Arbitration No. 17-03420.
Allegis Investment Advisors discharged Stimpson on December 13, 2017 supported by allegations that the stockbroker violated its policies and ethics code. From May 2, 2019 to June 21, 2019, Stimpson was registered with United Planners’ Financial Services of America.
