Donald Gene Dewaay Jr., of Clive, Iowa, a stockbroker formerly registered with Deeway Financial Network, LLC, has suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to correspond with FINRA staff regarding his compliance with a customer initiated investment related settlement or arbitration concerning allegations of his wrongdoing. Letter No. 16-00542 (Aug. 19, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dewaay has been identified in twenty-seven customer initiated investment related disputes containing allegations of his misconduct while employed with Dewaay Financial Network, LLC and VSR Financial Services. Specifically, between October 7, 2011, and December 15, 2011, two customer initiated investment related arbitration claims were settled for a total of $96,000.00 based upon allegations that Dewaay was liable for a registered representative’s mishandling of the customers’ accounts.
Further, on October 31, 2013, a customer initiated investment related arbitration claim regarding Dewaay’s activities was resolved for $150,000.00 in damages based upon allegations that he breached his contractual and fiduciary obligations to the customer, negligently managed the customer’s investment portfolio and made misrepresentations to the customer concerning real estate securities, oil and gas products, and equipment leasing contracts.
Moreover, on January 19, 2017, a customer was awarded $337,000.00 in damages according to an investment related arbitration claim involving Dewaay’s misconduct, based upon allegations that Dewaay made investment misrepresentations, breached his fiduciary obligations, and effected unsuitable mutual fund transactions in the customer’s account.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
