David Richard Geake of Northbrook Illinois a stockbroker formerly employed by Ausdal Financial Partners has been discharged by the firm on September 14, 2018 supported by allegations that Geake engaged in private securities transactions or selling away without disclosing them to the firm and obtaining the firm’s permission beforehand.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Geake has been identified in five customer initiated investment related disputes that concern accusations of his misconduct while employed with American General Securities, Ausdal Financial Partners Inc. and Madison Avenue Securities LLC. Particularly, a customer initiated investment related complaint involving Geake’s activities was settled for $140,000.00 in damages founded on allegations that when Geake was employed by Madison Avenue Securities LLC, false or misleading statements had been made to the customer concerning the terms and conditions of real estate investment trust products; and unsuitable trades were executed in the customer’s account causing the customer to sustain losses.
Thereafter, a customer filed an investment related complaint concerning Geake’s conduct in which the customer requested $40,000.00 in damages based upon accusations that bad direct investments, including direct participation program or limited partnership interests, had been sold to the customer at some point while Geake was associated with American General Securities. On July 31, 2017, a customer filed an investment related complaint in regards to Geake’s activities where the customer sought $200,000.00 in damages supported by allegations that real estate security and business development company investments held in the customer’s account failed to be appropriate for the customer given the illiquidity of those investments and excess concentrations of the customer’s assets in investments exceeding the customer’s tolerance for risk.
Also, a customer filed an investment related complaint involving Geake’s conduct in which the customer requested $53,000.00 in damages founded on accusations of bad investment recommendations being made to the customer concerning the liquidation of the customer’s 401(k) for alternative investments in 2016 while Geake was employed by Ausdal Financial Partners.
Then, on September 7, 2018, a customer initiated investment related complaint concerning Geake’s conduct was resolved for $40,000.00 in damages based upon allegations that the customer was provided bad advice concerning securities including business development company and real estate security products; fiduciary duties which were owed to the customer had been breached; unfounded statements were made to the customer about the securities transactions; and the customer had been defrauded.
Geake has been registered with American Trust Investment Services Inc. since September 14, 2018.
