Vintage bond certificate

Dennis Patrick Thurman of Sioux Falls South Dakota a stockbroker registered with First Allied Securities and investment adviser representative of Arete Wealth Management LLC is identified in a customer initiated investment related complaint on March 15, 2019 in which the customer sought $11,997.97 in damages supported by accusations that a contract had been breached and that Thurman’s negligence associated with a real estate security transaction had resulted in the customer’s losses.

According to the complaint, the stockbroker breached a fiduciary duty to the customer between May of 2018 and January of 2019. The complaint also alleges that misrepresentations had been made to the customer and that the customer was defrauded.

Thurman has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct during the time that he was employed by First Allied Securities. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that a customer initiated investment related arbitration claim involving Thurman’s conduct was settled for $94,000.00 in damages based upon accusations of the violation of South Dakota securities laws and the stockbroker’s breach of both a contractual and a fiduciary duty with respect to his sales of direct participation program interests or limited partnership interests.

The claim alleges that the stockbroker was negligent and had misrepresented information regarding alternative investments. According to the claim, the customer was defrauded by Thurman when he was associated with First Allied Securities.

Thurman is also the subject of a customer initiated investment related arbitration claim which was settled for $1,780,000.00 in damages founded on allegations of negligence and the violation of a fiduciary duty by the stockbroker as it relates to private placement transactions while Thurman was registered with First Allied Securities. The claim alleges the violation of Securities Act of 1933, Securities Exchange Act of 1934 and SEC Rule 10b-5. Private placements transactions were allegedly misrepresented and fraudulent.

Thurman was terminated by First Allied Securities based upon allegations of his failure to disclose adverse information about him which amounted to his violation of the securities broker dealer’s policy. Thurman is currently a stockbroker of Arete Wealth Management and an investment adviser representative of Arete Wealth Advisors.