Robert Russel Tweed, of San Marino, California, a stockbroker formerly registered with Concorde Investment Services, LLC, has been named in an investigation by Financial Industry Regulatory Authority (FINRA) pursuant to the receipt of a Wells Notice regarding Tweed’s conduct.
FINRA Public Disclosure reveals that Tweed has been identified in twelve customer initiated investment related disputes containing allegations of his misconduct while employed with Capwest Securities, Inc., National Planning Corporation, United Securities Alliance, and Concorde Investment Services, LLC.
Specifically, on May 25, 2012, a customer was awarded $338,000.00 in damages according to an investment related arbitration claim regarding Tweed’s activities, based upon allegations including violation of FINRA and NYSE rules and federal and state securities laws, elder abuse, breach of covenant of good faith and fair dealing, breach of fiduciary duty, unsuitability, negligence, and fraudulent concealment and misrepresentation regarding tenant-in-common placement products. The customer additionally alleged that Capwest Securities, Inc. failed to supervise Tweed’s activities.
Further, on July 16, 2012, a customer initiated investment related arbitration claim pertaining to Tweed’s actions was settled for $156,250.00 in damages based upon allegations that Tweed negligently handled the customer’s investment account, breached his fiduciary and contractual duties, effected unsuitable transactions in the customer’s account, and committed fraud in reference to private placement transactions. Additionally, on May 4, 2015, a customer initiated investment related civil action involving Tweed’s conduct was settled for $17,500.00 in damages based upon allegations that he made misrepresentations and omission of facts to the customer concerning tenant-in-common private placements, breached his fiduciary duties owed to the customer, sold the customer investments which were unregistered, negligently managed the customer’s investments, and defrauded the customer.
On November 8, 2016, another customer initiated investment related arbitration claim regarding Tweed’s activities was resolved for $160,000.00 in damages based upon allegations that he engaged in deceptive and unfair trade practices, committed elder abuse, and misrepresented tenant-in-common investment transactions. Moreover, Tweed has been named in a customer initiated investment related written complaint on January 3, 2017, in which the customer requested $145,000.00 in damages based upon allegations that he made misrepresentations to the customer concerning direct investment products and was liable for the customer’s poor investment performance.
Between July 7, 2015, and April 4, 2016, Tweed has been named in three additional customer initiated investment related disputes regarding allegations of his misconduct based upon allegations including, inter alia: unsuitability; misrepresentations and omissions; breach of fiduciary duty; and misappropriation of customer funds in connection with limited partnership investments.
Tweed’s registration with Capwest Securities, Inc. ended on August 9, 2011. Capwest Securities was later expelled by FINRA on December 24, 2014. Since October 30, 2015, Tweed has been registered with Cabot Lodge Securities LLC.
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