Craig Alan Sutherland of Columbus Ohio a stockbroker formerly registered with Money Concepts Capital Corp was fined by Ohio Department of Insurance supported by findings that Sutherland failed to report that another regulator took disciplinary action against him. Case No. 30849 (Nov. 10, 2020).
Sutherland has been sanctioned twice before. On July 17, 2017, he was suspended by Ohio Division of Securities according to an Order containing accusations of Sutherland making misleading statements, breaching a fiduciary duty, and making inappropriate investment recommendations to customers relating to non-traded REITs and TRX shares. Case No. 17-018/18-019.
Sutherland was also fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of him making promissory, unwarranted, exaggerated or inaccurate representations relating to securities. Letter of Acceptance Waiver and Consent No. 2016049804101 (Dec. 26, 2017). According to the AWC, Sutherland violated FINRA Rules 2010 and 2210. The regulator also sanctioned him for engaging in unauthorized activities including using private communication channels for securities business.
FINRA Public Disclosure states that Sutherland has been identified in ten customer initiated investment related disputes concerning allegations of his improper actions when he was associated with Money Concepts Capital Corp. On December 14, 2016, a customer initiated investment related complaint involving Sutherland’s activities was settled for $14,500.00 in damages founded on accusations that the customer sustained poor performance on an over-the-counter equities transaction and had been charged inappropriate fees in their management account.
On March 13, 2019, another customer who brought an investment related investment related FINRA securities arbitration claim about Sutherland was awarded $698,979.00 in compensatory damages based on Money Concepts Capital Corp being found liable for causing the customer’s losses. FINRA Arbitration No. 18-00575. The Statement of Claim alleges breach of fiduciary duty, breach of contract and fraud concerning the customer’s investments in Tanzanian Royalty Exploration Corporation (TRX), NGAS Partners 2009-A, variable annuities and gold funds. Causes of action also include Money Concept Capital Corp’s failure to supervise Sutherland and failure to perform due diligence relating to these private placement, equity and annuity transactions. The securities broker dealer allegedly violated Ohio Securities Act and securities industry rules.
Sutherland is also referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $600,000.00 in damages supported by allegations of the customer being sold a real estate security, variable annuity and stock without Money Concepts Capital Corp performing due diligence. FINRA Arbitration No. 18-00696 (July 16, 2019). The claim alleges that unsuitable trading and negligence resulted in damages to the customer.
On May 29, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Sutherland’s conduct was settled for $90,000.00 in damages founded on accusations of Money Concepts Capital Corp failing to do due diligence on over-the-counter equities and variable annuities and for effecting unsuitable transactions in violation of industry rules. FINRA Arbitration No. 18-00934. According to the claim, the securities broker dealer was negligent and failed to supervise.
Sutherland is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $401,200.00 in damages based upon allegations of negligence and unsuitability relating to REITs, stocks and annuities. FINRA Arbitration No. 18-02229 (Aug. 19, 2019).
Sutherland was registered with Money Concepts Capital Corp between May 11, 1994 and May 14, 2021.