Dean Thomas Nicholson of Summerfield Florida a stockbroker formerly registered with SagePoint Financial Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages founded on allegations that (1) SagePoint Financial failed to supervise the transactions placed in the customer’s account (2) the customer’s investment related contract had been breached (3) fiduciary duties were violated (4) the customer’s account had been negligently serviced (5) misrepresentations were made concerning investments and (6) the customer was placed in ETF and real estate security products that failed to be suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02760 (June 11, 2018).
FINRA Public Disclosure confirms that Nicholson has been identified in four customer initiated investment related disputes containing accusations of his misconduct while employed with SagePoint Financial. In particular, on March 1, 2016, a customer filed an investment related written complaint concerning Nicholson’s activities in which the customer requested $35,000.00 in damages based upon allegations that omissions had been made to the customer concerning the terms of a variable annuity investment; the customer’s investment account had been traded on an excessive basis; and misrepresentations had been made concerning the risks of real estate security, mutual fund and equity products held in the customer’s brokerage account.
On July 19, 2016, another customer filed an investment related written complaint regarding Nicholson’s conduct where the customer sought damages estimated to exceed $5,000.00 founded on allegations that the customer’s investments were liquidated without the customer’s permission. Thereafter, a customer initiated investment related arbitration claim was settled for $18,000.00 in damages supported by accusations that the real estate security, mutual fund, equity and annuity products sold to the customer failed to conform to the customer’s objectives for investing or tolerance for risk. FINRA Arbitration No. 16-01771 (Aug. 31, 2016).
Nicholson has also been sanctioned by a securities regulator for his misconduct. In particular, Nicholson was subject of a Cease and Desist Order and fined $18,000.00 by Florida Office of Financial Regulation based upon accusations that Nicholson engaged in prohibited and restricted business activities in violation of Florida Statutes during the time that he was associated with Ameriprise Financial Services Inc. Case No. 0618-S-7/12 (July 25, 2012).
