Lorraine Marie Gallette (also known as Lorraine Marie Schmidt), of El Dorado Springs, Missouri, a stockbroker registered with Coastal Equities Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested damages based upon alleged the unsuitable investment recommendation of alternative investments when Gallette was associated with Coastal Equities Inc. FINRA Arbitration No. 24-00719 (March 29, 2024).
FINRA Public Disclosure shows that Gallette is referenced in eleven other customer initiated investment related disputes concerning Gallette’s conduct while associated with securities broker dealers. On October 17, 2022, a customer initiated investment related FINRA securities arbitration claim involving Gallette’s conduct was settled for $136,000.00 in damages based upon the alleged failure to conduct due diligence on direct investments sold to the customer through Coastal Equities Inc. FINRA Arbitration No. 20-02718.
On October 17, 2022, a securities arbitration claim involving Gallette’s conduct was settled for $159,000.00 in damages based upon alleged unsuitable recommendations in direct investments. FINRA Arbitration No. 20-02889. Gallette is also referenced in a securities arbitration claim that was settled for $72,500.00 in damages based upon alleged unsuitable advice about direct investments. FINRA Arbitration No. 22-02338 (March 21, 2024).
Gallette is also referenced in a securities arbitration claim in which the customer requested $236,000.00 in damages based upon alleged negligence in connection with the sale of corporate debt products when Gallette was associated with Moloney Securities Co. Inc. FINRA Arbitration No. 23-02153 (September 6, 2023). On February 14, 2024, a different securities arbitration claim involving Gallette’s conduct was settled for $215,000.00 in damages based upon alleged unsuitable advice about alternative investments. FINRA Arbitration No. 22-02771.
On March 27, 2024, another customer filed an investment related FINRA securities arbitration claim involving Gallette’s conduct in which the customer requested $75,000.00 in damages based upon alleged unsuitable recommendations in alternative investments. FINRA Arbitration No. 24-00702.
Gallette was associated with Coastal Equities Inc. in El Dorado Springs, Missouri from July 11, 2013, to January 20, 2021. Gallette was associated with Moloney Securities Co. Inc. in El Dorado Springs, Missouri from January 15, 2021, to April 25, 2022.
