Bruce Albert Slater of Northville Michigan a stockbroker associated with Transamerica Financial Advisors Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages supported by allegations that the customer had been advised to allocate an excessive portion of funds in risky limited partnerships which failed to be suitable for the customer given the customer’s age and risk tolerance when Slater was employed by Transamerica Financial Advisors. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03254 (Nov. 6, 2019).
FINRA Public Disclosure reveals that Slater has been referenced in six more customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was associated with securities broker dealers including Transamerica Financial Advisors Inc. and SagePoint Financial Inc.
On May 11, 2016, a customer filed an investment related complaint in reference to Slater’s conduct where the customer sought unspecified damages based upon accusations that the customer’s funds had been intentionally invested by Slater in overly risky investments including real estate securities and mutual funds. The complaint also alleged that the customer was charged excessive fees on securities transactions when Slater was associated with Transamerica Financial Advisors.
Slater is referenced in another customer initiated investment related arbitration claim which was settled for $133,000.00 in damages. FINRA Arbitration No. 16-00132 (Nov. 30, 2016).
According to the claim, misrepresentations had been made to the customer concerning the fees and risks of mutual funds as well as direct participation program interests or limited partnership interests. The claim also alleged that the investments Slater sold while at Transamerica Financial Advisors were in no way suitable for the customer given the customer’s objectives for investing and that those investments caused the customer to experience unwarranted losses.
On April 6, 2017, a customer initiated investment related arbitration claim concerning Slater’s activities was resolved for $905,000.00 in damages. FINRA Arbitration No. 16-02718. The stockbroker allegedly failed to be forthcoming with the customer concerning risks of direct investments and variable annuity products. The claim also alleged that there was no protective strategy implemented to protect the customer from losses but instead an aggressive and speculative trading strategy utilized which was not suitable for the Transamerica customer.
Slater is also referenced in a customer initiated investment related complaint on July 13, 2018 in which the customer requested more than $5,000.00 in damages supported by allegations that the customers sustained undue tax liabilities from Slater’s transactions and that the stockbroker failed to give the customers documents reflecting their purchase of a variable annuity when Slater was employed by SagePoint Financial.
Slater’s registration with Transamerica Financial Advisors has been terminated as of March 17, 2016. He has been associated with SagePoint Financial since March 4, 2016.
