Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors Settle FINRA Arbitration Against InvestaCorp Over REIT Sales

stockbroker misconduct

Jonathan David Cummings of Hurst, Texas, a stockbroker registered with InvestaCorp Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $15,000.00 in damages based upon allegations that Cummings made misrepresentations and omissions of material fact, was negligent, and made unsuitable recommendations of real estate securities during the time that Cummings was associated with InvestaCorp Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-00033 (October 14, 2022).

FINRA Public Disclosure shows that Cummings is referenced in three other customer initiated investment related disputes concerning Cummings’ conduct while associated with securities broker dealers, including AXA Advisors LLC, InvestaCorp Inc., and Securities America Inc. On July 24, 2009, a complaint involving Cummings’ conduct was settled for $158,962.92 in damages resulting from the customer being sold a Lincoln Life annuity without an income rider when Cummings was associated with AXA Advisors LLC.

On May 18, 2021, a FINRA securities arbitration claim involving Cummings’ conduct was settled for $55,000.00 in damages based upon allegations that Cummings made unsuitable recommendations of real estate securities when Cummings was associated with InvestaCorp Inc. FINRA Arbitration No. 20-01807.

Cummings is also referenced in a FINRA securities arbitration claim in which the customer requested $35,000.00 in damages based upon allegations that Cummings was negligent in connection with the recommendation and sale of real estate securities during the time that Cummings was associated with InvestaCorp Inc. and Securities America Inc. FINRA Arbitration No. 21-02609 (October 15, 2021).

Cummings was associated with InvestaCorp Advisory Services Inc. in Miami, FL, as an investment advisor representative from December of 2009 to July of 2020; Securities America Advisors Inc. in Vista, NE, as an investment advisor representative from July of 2020 to December of 2020; and Securities America Inc. in Hurst, TX, as a stockbroker from July of 2020 to December of 2020.

Cummings has been associated with LPL Financial LLC in Hurst, TX, as a stockbroker since December 10, 2020, and as an investment advisor representative since December 14, 2020.