Robert Steven Clarke of Austin Texas a stockbroker employed by National Alliance Securities LLC (also known as NatAlliance) has been issued an Order by Kentucky Department of Financial Institutions in which he has been fined $3,000.00 and suspended as a stockbroker for five months supported by allegations that he facilitated transactions in NatAlliance customer accounts without having been registered as a stockbroker in the Commonwealth of Kentucky. Case No. 2019-AH-00031B (Feb. 27, 2020).
This is not the first time that Clarke has been sanctioned for unauthorized trading. He was issued a Consent Order by Alabama Securities Commission in which he was fined for effecting transactions without registration while associated with Ross Sinclaire Associates. Case No. CO-98-0071.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Clarke has been identified in five customer initiated investment related disputes containing allegations of his misconduct while employed by Ross Sinclaire. Clarke was subject of a customer initiated investment related arbitration claim in which the customer was awarded $21,548.09 in damages based upon Ross Sinclaire and Clarke being found liable on the customer’s causes of action including fraud and breach of fiduciary duty. The claim alleges that trades were neither suitable nor authorized and that Clarke’s negligence caused the customer to experience losses.
Another customer initiated investment related arbitration claim concerning Clarke’s activities was resolved for $77,205.00 in damages on December 14, 2015 founded on accusations that a collateralized mortgage obligation was unsuitable for the Ross Sinclaire customer and that the customer’s account suffered from both a lack of fiduciary duty and negligence on Clarke’s part. Clarke has also been identified in a customer initiated investment related arbitration claim which was resolved for $120,000.00 in damages on December 14, 2016 founded on accusations that the Ross Sinclaire customer was placed into asset-backed debt products which were misrepresented and that the customer was poorly advised in regard to those investments. FINRA Arbitration No. 16-00537.
On November 14, 2018, another customer initiated investment related arbitration claim pertaining to Clarke’s conduct was settled for $125,000.00 in damages supported by allegations that misrepresentations had been made by Clarke in regard to CMOs which caused the customer losses. FINRA Arbitration No. 17-02253. Clarke has also been referenced in a customer initiated investment related arbitration claim which was settled for $30,000.00 in damages supported by allegations that Clarke placed the customer in mortgage backed securities which were in no way suitable for the Ross Sinclaire customer. FINRA Arbitration No. 18-04292 (Apr. 23, 2019).
Clarke has been associated with NatAlliance Securities since July 19, 2017.