Gerald Roger Dewes of East Amherst New York a stockbroker formerly registered with Cadaret Grant Co. Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings of Dewes’ failure to comply with the regulator during an investigation into his possible outside business activities and private securities transactions. Letter of Acceptance Waiver and Consent No. 2019064639701 (Mar. 30, 2020).
According to the AWC, on March 19, 2020, Dewes was contacted by FINRA personnel with instructions to provide testimony in response to allegations of him selling away and engaging in unpermitted outside business activities. The regulator had been following up on a Uniform Termination Notice for Securities Industry Registration (also known as a Form U5) which revealed that the stockbroker had been discharged by Cadaret Grant on November 18, 2019 based upon allegations of him engaging in private securities transactions. Cadaret Grant indicated that customers were solicited for investments in Elite Roasters Inc. which was an outside business in which Dewes was a director and officer.
The AWC stated that on March 20, 2020, FINRA was made aware from Dewes’ legal counsel that the stockbroker would not testify. FINRA determined that Dewes’ refusal to cooperate constituted the violation of FINRA Rules 2010 and 8210.
Dewes has been identified in three customer initiated investment related disputes containing allegations of his misconduct while employed with John Hancock Financial Services, Sunbridge Management Inc. and Signator Investors Inc. FINRA Public Disclosure reveals that a customer filed an investment related complaint involving Dewes’ conduct in which the customer requested $654,652.00 in damages based upon allegations of the Signator customer incurring losses on direct investments including pre-IPO preferred shares.
Another customer initiated investment related arbitration claim concerning Dewes’ activities was settled for $25,500.00 in damages supported by accusations that Dewes’ trading was not supervised by John Hancock and that over-the-counter equities transactions which he effected in the customer’s account were not suitable for the customer as they failed to align with the customer’s objectives for investing. The stockbroker is the subject of another customer initiated investment related written complaint on November 8, 2019 in which the Sunbridge customer requested unspecified damages based upon allegations of being misled by the stockbroker as to the expected rates of return on investments.
