David Richard Geake of Northbrook Illinois a stockbroker currently registered with American Trust Investment Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested compensatory damages supported by accusations that Geake breached a fiduciary duty and placed the customer into securities that were not suitable for them during the time that Geake was associated with American Trust Investment Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01137 (May 13, 2021). According to the claim, the customer sustained losses on unsuitable private placements and unit investment trusts.
FINRA Public Disclosure shows that Geake has been identified in ten more customer initiated investment related disputes concerning allegations of his misconduct while employed by Ausdal Financial Partners Inc., Madison Avenue Securities LLC, and American General Securities. On September 7, 2018, a customer initiated investment related complaint regarding Geake’s conduct was resolved for $40,000.00 in damages founded on accusations that Geake made misrepresentations and unsuitable investment recommendations when he was associated with Madison Avenue Securities. The complaint alleges that the customer had been defrauded on investments in business development companies, real estate securities and fixed annuities. The claim also alleges breach of fiduciary duty.
Geake is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $20,000.00 in damages based upon allegations that the customer had been sold alternative investments that were misrepresented and which resulted in an overconcentration in the customer’s account at Madison Avenue Securities. FINRA Arbitration No. 20-01095 (July 8, 2020). According to the claim, there was a failure of Madison Avenue Securities to conduct due diligence on the investments before recommendations were made. The claim also alleges that FNIRA regulations were violated through Geake’s alternative investment sales.
On March 4, 2021, another customer initiated investment related FINRA securities arbitration claim involving Geake’s conduct was resolved for $560,000.00 in damages supported by accusations that Ausdal Financial Partners failed to supervise MrktServ transactions which resulted in damages to the customer. FINRA Arbitration No. 20-01953. The claim alleges that $2,500,000.00 in collateral had been pledged by the customer in exchange for shares in the company and that an additional $200,000.00 loan had been entered into by that customer.
Geake is also referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $500,000.000 in damages founded on allegations of unsuitable direct participation program interests or limited partnership interests for the Madison Avenue Securities customer. FINRA Arbitration No. 21-00223 (Mar. 24, 2021).
Another customer filed an investment related FINRA securities arbitration claim regarding Geake’s conduct in which the customer requested $150,000.00 in damages based upon accusations of Geake effecting unsuitable trades involving unit investment trusts and private placements while he was associated with Ausdal Financial Partners and Madison Avenue Securities. FINRA Arbitration No. 21-01177 (May 13, 2021).
Geake was discharged by Ausdal Financial Partners on September 14, 2018 supported by allegations of him selling away from the securities broker dealer. He has been registered with American Trust Investment Services as a stockbroker since September 14, 2018, and registered with American Trust Investment Services Advisory Inc. as an investment adviser representative since September 17, 2019.
