Keith Wayne Patterson of Sugar Land, Texas, a stockbroker registered with Investacorp Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $35,000.00 in damages based upon allegations that Patterson was negligent, breached his fiduciary duties, and breached a contract in connection with the recommendation and sale of Business Development Companies or BDCs during the time that Patterson was associated with Investacorp Inc. FINRA Arbitration No. 21-01232 (October 11, 2022).
FINRA Public Disclosure shows that Patterson is referenced in six other customer initiated investment related disputes concerning Patterson’s conduct while associated with securities broker dealers, including Next Financial Group Inc. On April 25, 2008, a customer filed an investment related complaint involving Patterson’s conduct in which the customer requested $32,620.11 in damages based upon allegations that Patterson made misrepresentations of material fact and made unsuitable recommendations of variable annuities when Patterson was associated with Next Financial Group Inc. This complaint was denied by the securities broker dealer.
Patterson is also referenced in a customer initiated investment related complaint filed on August 10, 2010, in which the customer requested $13,000.00 in damages based upon allegations that Patterson failed to follow instructions concerning Cole Credit Property Trust II shares during the time that Patterson was associated with Next Financial Group Inc. The securities broker dealer denied this complaint.
On June 7, 2018, another customer filed an investment related complaint involving Patterson’s conduct in which the customer requested compensation based upon allegations that Patterson made unsuitable recommendations of stocks, direct investments, and variable annuities when Patterson was associated with Investacorp Inc. This complaint was denied by the securities broker dealer.
Patterson was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $90,000.00 in damages based upon alleged unsuitable BDCs and REITs during the time that Patterson was associated with Investacorp Inc. FINRA Arbitration No. 20-01807 (May 18, 2021).
On September 20, 2022, a customer initiated investment related FINRA securities arbitration claim involving Patterson’s conduct was settled for $350,000.00 in damages based upon allegations that Patterson violated state securities laws, was negligent, breached his fiduciary duties, breached a contract, committed fraud, and made unsuitable recommendations of real estate securities when Patterson was associated with Securities America Inc. FINRA Arbitration No. 21-01624.
Patterson was associated with Investacorp Inc. as a stockbroker from January 5, 2012, to July 17, 2020, and associated with Investacorp Advisory Services Inc. as an investment advisor representative from January 5, 2012, to July 17, 2020. He has been associated with Avantax Investment Services Inc. as a stockbroker since September 14, 2020, and associated with Avantax Advisory Services as an investment advisor representative since October 7, 2020.
