Damian Marlon Bell of Daphne Alabama a stockbroker of International Assets Advisory LLC and investment adviser representative of International Assets Investment Management is the subject of a customer initiated investment related arbitration claim where the customer sought between $100,000 and $500,000.00 in damages supported by allegations of the violation of securities laws and a breach of a contract governing alternative investments purchased by the International Assets Advisory customer because of Bell. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03572 (Oct. 21, 2020).
Bell has been identified in nine more customer initiated investment related disputes containing accusations of his sales practice violations while employed by International Assets Advisory, WFG Investments Inc., Gunn Allen Financial Inc. and Merrill Lynch Pierce Fenner Smith. FINRA Public Disclosure reveals that Bell is referenced in a customer initiated investment related complaint in which the customer requested compensatory damages founded on allegations of the customer being placed into unsuitable mutual funds at Merrill Lynch.
On December 5, 2016, a customer initiated investment related arbitration claim in regard to Bell’s conduct was settled for $250,000.00 in damages based upon accusations that a fiduciary duty that was owed to the WFG customer had been breached and that investment recommendations of private placement stock in Servergy failed to be suitable for the customer. FINRA Arbitration No. 16-00346. The claim alleges that there was no reasonable investigation into the investment and that misrepresentations had been made to the customer about it.
On May 18, 2017, another customer initiated investment related complaint involving Bell’s conduct was settled to resolve allegations of bad investment advice by Bell as it pertained to mutual funds and corporate debt products held in the WFG customer’s account between April of 2015 and March of 2016. Bell is also the subject of a customer initiated investment related complaint where the customer sought $72,000.00 in damages supported by accusations of unsuitable Morgan Stanley exchange trade notes. The complaint indicates that unreasonable commissions had been charged to the customer on mutual fund transactions.
Bell is also referenced in a customer initiated investment related arbitration claim in which the customer was awarded $5,054,000.00 in damages founded on WFG being found liable on the customer’s causes of action relating to Bell’s private placement stock transactions at WFG. FINRA Arbitration No. 16-03305 (Aug. 21, 2019). According to the claim, information about private placements had been concealed or misrepresented by the stockbroker. Due diligence was not performed before sales of these investments was consummated.
Bell’s registrations with WFG Investments and WFG Advisors were terminated on May 26, 2017. He has been a stockbroker of International Assets Advisory since June 9, 2017 and an investment adviser representative of International Assets Investment Management since July 20, 2017.
