Gilbert Russell Conrad of Lewiston, New York, a stockbroker associated with Cetera Advisors Networks, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $1,000,000.00 to $5,000,000.00 in damages based upon allegations that Conrad made unsuitable investment recommendations of alternative investments including direct investments (DPPs and LPs). FINRA Arbitration No. 23-00927 (August 16, 2023).
This is not the first time that Conrad has been referenced in a customer initiated investment related dispute concerning Conrad’s conduct in the securities industry. FINRA Public Disclosure shows that Conrad was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $235,000.00 in damages based upon alleged misrepresentation, common law fraud, unsuitable recommendations, negligence, violation of Nebraska securities law, breach of contract, and breach of fiduciary duty in connection with the sale of real estate security and tenant in common products or TICs when Conrad was associated with J.P. Turner Company LLC. FINRA Arbitration No. 13-01426 (November 21, 2014).
On January 11, 2022, a customer initiated investment related FINRA securities arbitration claim involving Conrad’s conduct was settled for $10,000.00 in damages based upon allegations that Conrad sold unsuitable alternative investments when Conrad was associated with JP Turner Company LLC. FINRA Arbitration No. 20-01585.
Conrad has been associated with Coastal Equities in Lewiston, New York, since March 2, 2022. Prior to this, he was associated with Arkadios Capital in Lewiston, New York, from February 24, 2020, to March 14, 2022. He was also associated with Independent Financial Group in Lewiston, New York, from October 11, 2016, to February 21, 2020.