Gerald Roger Dewes of East Amherst New York a stockbroker formerly registered with Cadaret Grant Co. Inc. is referenced in a customer initiated investment related written complaint on April 7, 2021, in which the customer requested more than $5,000.00 in damages based on allegations of a breach of fiduciary duty by Dewes as it pertained to a private placement and stocks recommended by Dewes when he was registered with Cadaret Grant. According to the complaint, Dewes’ investment recommendations were not suitable. The claim alleges breach of contract and fraud relating to investment transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Dewes has been identified in five additional customer initiated investment related disputes containing accusations of Dewes’ improper actions when he was registered with Cadaret Grant, Sunbridge Management, and John Hancock Financial Services. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim involving Dewes’ conduct was settled for $25,500.00 in damages supported by allegations of Dewes making trades that failed to align with the customer’s investment objectives while Dewes was associated with John Hancock Financial Services. According to the claim, John Hancock failed to supervise Dewes. The claim also contains accusations of breach of fiduciary duty.
On November 8, 2019, a customer filed an investment related complaint involving Dewes’ activities where they sought compensatory damages founded upon allegations of Dewes making false promises to them concerning investment returns when he was employed by Sunbridge Management Inc.
Dewes is also the subject of a customer initiated investment related written complaint on March 16, 2020, in which the customer requested compensatory damages based on accusations of them being placed into an unsuitable real estate security by Dewes during the period that he was registered with Cadaret Grant. The complaint alleges that the customer experienced high interest charges in reference to this investment.
On April 22, 2021, a different customer initiated investment related FINRA securities arbitration claim regarding Dewes’ conduct was settled for $2,500,000.00 in damages supported by allegations of fraud as it pertained to the customers’ investments in over-the-counter equities and unapproved private placements. FINRA Arbitration No. 20-01290. According to the claim, there was a breach of fiduciary duty, breach of contract and negligent supervision by Cadaret Grant. The claim alleges that the customer purchased the investments through a registered investment adviser and that transactions were made in accounts held at an outside securities broker dealer.
Dewes has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that he obstructed a FINRA investigation into accusations of his outside business activities and selling away activities. Letter of Acceptance Waiver and Consent No. 2019064639701 (March 30, 2020).
According to the AWC, Dewes was probed by FINRA in March 2020 regarding possible private securities transactions and outside business activities when he was associated with Cadaret Grant. These allegations were made by Cadaret Grant when it terminated Dewes’ registration on November 18, 2019. The securities broker dealer indicated that Dewes solicited investors for an outside business activity called Elite Roasters Inc. Dewes allegedly served as a director and officer of Elite Roasters.
FINRA asked Dewes on March 19, 2020, if he would testify in the investigation. He refused to testify, which was a violation of FINRA Rule 2010 and 8210, and was permanently barred.
