Jeffrey A. Smith, of Irvine, California, a stockbroker with Accelerated Capital Group, is subject to a customer dispute from May 25, 2016, in which four customers have requested $750,000.00 in connection with allegations against Smith for failure to supervise, negligence, breach of contract, excessively trading in customer accounts, breach of fiduciary duty, and fraud.
Public Disclosure records reveal that Smith has been previously subject to four additional customer disputes. On February 7, 2013, Smith settled a customer dispute for $4,000.00 after the customer claimed that Smith made misrepresentations concerning investments to the customer. On May 2, 2007, a customer lodged a dispute against Smith, alleging that Smith engaged in unauthorized transactions in the customer’s account.
On March 10, 2006, Smith settled a customer dispute for $100,000.00 after a customer alleged that Smith made misrepresentations to the customer regarding the value of a guaranteed minimum death benefit rider attached to an annuity investment. On December 31, 1996, Smith settled a customer dispute for $51,000.00 after the customer alleged that Smith breached his fiduciary duty to the customer, effected unsuitable purchases of investments, made misrepresentations, and raked in excessive commissions.
Smith has also been previously subject to regulatory action by Financial Industry Regulatory Authority (FINRA) in connection with his misconduct. Particularly, on October 24, 2011, Smith was suspended from associating with any FINRA member in any capacity after consenting to findings that he failed to enforce his firm’s procedures concerning the management of subscription documents and private placement memoranda, as well as funds from investors that were for investment in private placements offered through his firm. Letter of Acceptance, Waiver and Consent, No. 2010022715605 (Oct. 24, 2011). Smith was found to have violated NASD Rule 3010 and FINRA Rule 2010 in connection with his misconduct.
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