Gerald Roger Dewes of East Amherst, New York, a stockbroker formerly registered with Cadaret Grant Co. Inc., was referenced in a customer initiated investment related complaint which was settled for $58,000.00 in damages on September 3, 2021, based upon allegations that Dewes breached a fiduciary duty and defrauded the customer in connection with Dewes’ recommendations of stocks and private investments for accounts held away from Cadaret Grant. The claim alleges negligent supervision and unsuitable investment recommendations.
Dewes has been identified in five additional customer initiated investment related disputes concerning his conduct while registered with securities broker dealers, including Cadaret Grant Co., John Hancock Financial Services, Sunbridge Management, and Signator Investors. FINRA Public Disclosure shows that a FINRA securities arbitration claim involving Dewes’ activities was settled for $25,500.00 in damages because Dewes’ trades were inconsistent with the customer’s objectives. The claim also alleges that John Hancock Financial Services failed to supervise Dewes’ activities.
On November 8, 2019, a Sunbridge Management Inc. customer filed an investment related complaint regarding Dewes’ conduct where the customer sought compensatory damages based upon accusations that Dewes failed to communicate with them regarding investments.
Dewes is also identified in a customer initiated investment related written complaint on March 16, 2020, in which the customer requested compensatory damages because Dewes allegedly made unsuitable recommendations in connection with the sale of a real estate investment trust while Dewes was registered with Cadaret Grant.
On April 22, 2021, another FINRA securities arbitration claim concerning Dewes’ activities was resolved for $2,500,000.00 in damages for alleged breach of fiduciary duty, negligent supervision, breach of contract, fraud, and unsuitable recommendations concerning over-the-counter equities and private investments. FINRA Arbitration No. 20-01290. According to the claim, Dewes made the recommendations through an outside investment advisory, and investors made securities transactions through a securities broker dealer unaffiliated with Cadaret Grant.
Dewes has been barred from associating with any FINRA member in any capacity because he failed to comply with a FINRA investigation concerning his potential private securities transactions while associated with Cadaret Grant. Letter of Acceptance, Waiver, and Consent No. 2019064639701 (March 30, 2020).
According to the AWC, Dewes was asked by FINRA to testify in response to the allegations made against him by Cadaret Grant. The securities broker dealer alleged in a Form U5 (Termination Notice for Securities Industry Registration) that Dewes engaged in an undisclosed outside business activity and had solicited customers’ investments in connection with that activity. Dewes’ lawyer told FINRA on March 20, 2020, that Dewes refused to testify. Dewes didn’t, and accordingly, FINRA found that Dewes violated FINRA Rules 2010 and 8210.
