Ray Don Gallette, 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 the alleged 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 ten other customer initiated investment related disputes concerning Gallette’s conduct while associated with securities broker dealers. Gallette was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $463,000.00 in damages based upon alleged due diligence failures and unsuitable advice between 2013 and 2020. FINRA Arbitration No. 20-02718 (October 17, 2022).
On October 17, 2022, a different customer initiated investment related FINRA securities arbitration claim involving Gallette’s conduct was settled for $159,000.00 in damages based upon alleged unsuitable investment recommendations and failure to conduct due diligence in connection with the sale of real estate securities and direct investments during the period that Gallette was associated with Coastal Equities Inc. FINRA Arbitration No. 20-02889.
On September 6, 2023, a customer filed an investment related FINRA securities arbitration claim involving Galette’s conduct, in which the customer requested $236,000.00 in damages based upon alleged failure to conduct due diligence on alternative investments during the time that Galette was associated with Coastal Equities Inc. FINRA Arbitration No. 23-02153.
On February 14, 2024, another customer initiated an investment related FINRA securities arbitration claim involving Gallette’s conduct was settled for $215,000.00 in damages based upon alleged unsuitable trading in direct participation programs or limited partnerships interests. FINRA Arbitration No. 22-02771. On March 21, 2024, a different FINRA securities arbitration claim involving Gallette’s conduct was settled for $72,500.00 in damages based upon alleged unsuitable recommendations of alternative investments. FINRA Arbitration No. 22-02338.
On March 27, 2024, a customer filed an investment related FINRA securities arbitration claim involving Galette’s conduct, in which the customer requested $75,000.00 in damages based upon alleged unsuitable advice about direct investments. FINRA Arbitration No. 24-00702.
Galette was associated with Coastal Equities Inc. in El Dorado Springs, Missouri, from January 4, 2013, to January 29, 2020. Since October 7, 2008, Galette has been associated with four different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
