Damian Marlon Bell of Daphne Alabama a stockbroker formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $50,000.00 in damages supported by accusations of breach of contract and breach of fiduciary duty regarding direct investments, including direct participation programs and limited partnership interests during the period that Bell was employed by WFG Investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00966 (April 13, 2021). The claim alleges that WFG Investments failed to supervise Bell, resulting in unsuitable transactions.
Bell has been identified in eleven additional customer initiated investment related disputes containing allegations of his misconduct while employed by securities broker dealers, including WFG Investments, Gunn Allen, and Merrill Lynch. FINRA Public Disclosure shows that a customer filed an investment related complaint involving Bell’s conduct in which they requested compensatory damages based upon allegations that their account was overconcentrated in mutual funds during the period that Bell was associated with Merrill Lynch. The claim alleges that Bell made unsuitable trades.
Bell is the subject of a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages based upon allegations of Bell’s unsuitable advice and failure to disclose fees relating to mutual fund transactions for the customer’s Merrill Lynch account.
Bell is referenced in a customer initiated investment related FINRA securities arbitration claim that was resolved for $250,000.00 in damages founded upon accusations of misrepresentation and unsuitability relating to private placement stock when Bell was associated with WFG Investments. On June 15, 2018, a different customer filed an investment related complaint involving Bell’s activities. They requested $72,000.00 in damages based on allegations that at WFG Investments, they were placed into unsuitable exchange-traded notes and mutual funds because of Bell.
On August 21, 2019, another customer initiated investment related FINRA securities arbitration claim concerning Bell’s conduct resulted in WFG being found liable and ordered to pay $5,054,000.00 in compensatory damages. The Statement of Claim alleges that misrepresentations were made by the stockbroker, and WFG did not undertake due diligence pertaining to the private placement stock sold to the customer. Bell is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $500,000.00 in damages supported by accusations of the violation of state securities laws as it pertained to alternative investments purchased through Bell when associated with International Assets Advisory. FINRA Arbitration No. 20-03572 (October 21, 2020).
On December 23, 2020, an additional customer filed an investment related FINRA securities arbitration claim regarding Bell’s activities. They requested $100,000.00 in damages founded upon allegations of Bell’s breach of fiduciary duty and breach of contract relating to his alternative investment sales at WFG. FINRA Arbitration No. 20-04063. According to the claim, WFG’s negligent supervision resulted in the customer buying unsuitable investments.
Bell’s registrations with WFG Investments and WFG Advisors LP have been terminated as of May 26, 2017. Since June 9, 2017, Bell has been registered with International Assets Advisory LLC as a stockbroker. Since July 20, 2017, he has been registered with International Assets Investment Management LLC as an investment adviser representative.
