Brandon Curt Stimpson of Logan Utah a stockbroker formerly registered with Allegis Investment Services LLC has been fined $125,000.00 and barred by Utah Securities Division from being a stockbroker in the state based on allegations of Stimpson omitting and misrepresenting investment information about index options and for committing fraud when he was associated with Allegis Investment Services. Case No. SD-20-0030 (Jan. 7, 2021). According to the regulator, Stimpson violated Utah Securities Act on four separate grounds including fraudulent practices.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Stimpson has been identified in ten customer initiated investment related disputes containing accusations of his wrongdoing while he was registered with Allegis Investment Services and Allegis Investment Advisors. On December 21, 2015, a customer filed an investment related complaint concerning Stimpson’s activities in which the customer requested $69,600.00 in damages based upon allegations that their instructions were not followed by Stimpson and that the risks relating to an investment strategy were not disclosed by Stimpson at the time that trades were made in the customer’s account.
Stimpson is also referenced in a customer initiated investment related written complaint which was settled for $35,000.00 on February 16, 2016 founded on accusations that Stimpson traded options against the strategy used for the customer’s account at Allegis Investment Advisors.
On January 30, 2017, a customer filed an investment related complaint regarding Stimpson’s conduct where the customer sought $400,000.00 in damages supported by allegations that they were placed into an investment strategy that was not suitable for them. FINRA Arbitration No. 17-00135. According to the complaint, the customer sustained losses on options transactions. Stimpson is also the subject of a customer initiated investment related written complaint on October 2, 2017 in which the customer requested $300,000.00 in damages based on accusations of Stimpson making unsuitable trades which caused losses to the customer. FINRA Arbitration No. 17-02566 (Oct. 2, 2017).
Stimpson is also named in a customer initiated investment related FINRA securities arbitration claim where the customer was awarded $270,452.34 in compensatory damages based on Stimpson being found liable on the customer’s claims of a breach of fiduciary duty in regard to the trading of index put options tied to the Russel 2000 index. FINRA Arbitration No. 16-03643 (Mar. 6, 2018). The claim alleges that Allegis Investment Advisors and Allegis Investment Services failed to supervise. According to the claim, Stimpson made unauthorized and unsuitable trades.
On March 21, 2019, another customer initiated investment related FINRA securities arbitration claim involving Stimpson’s conduct was resolved for $48,000.00 in damages founded on allegations that the customer’s account was subjected to negligence and a breach of contract because of bad index option transactions by Stimpson during the time that he was associated with Allegis Investment Services. FINRA Arbitration No. 17-03420.
Stimpson is additionally referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $2,481,000.00 in damages based upon accusations of deceptive practices and unauthorized options trades by Stimpson. FINRA Arbitration No. 19-01433 (June 19, 2019). According to the claim, the customer’s account had been overconcentrated in risky securities. The claim alleges that Stimpson’s activities were not supervised by Allegis resulting in unsuitable transactions.
Stimpson was discharged by Allegis Investment Advisors on December 13, 2017 supported by allegations of him violating the policies and code of ethics of the firm.