Robert Scott Smith of Newberg Oregon a stockbroker formerly associated with Concorde Investment Services has been referenced in a customer initiated investment related arbitration claim in which the customer requested $360,000.00 in damages supported by allegations that the customer had been defrauded by investing in private placements through Smith during the period in which the stockbroker was employed by Concorde Investment Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00783.
According to the claim, Oregon securities laws were violated by virtue of the private placements that had been sold to the customer by Smith between April of 2014 and December of 2017. The claim alleges negligence and the breach of a fiduciary duty by the stockbroker in reference to direct participation program interests or limited partnership interests. The stockbroker’s recommendations were allegedly unsuitable, and transactions had been executed without Concorde Investment Services’ supervision.
FINRA Public Disclosure reveals that Smith has been identified in seven more customer initiated investment related disputes containing allegations of his misconduct while employed with Pacific West Securities, Brookstreet Securities and Concorde Investment Services LLC. On February 5, 2020, a customer initiated investment related arbitration claim involving Smith’s conduct was settled for $280,000.00 in damages based upon allegations of negligence and suitability with regard to the private placement investments sold to the customer between 2015 and 2017. FINRA Arbitration No. 19-01807.
Another customer filed an investment related arbitration claim concerning Smith’s activities where the customer sought $95,000.00 in damages founded on accusations that investment recommendations made to the customer by Smith were unsuitable as it pertained to GPB Automotive and VII Peaks. FINRA Arbitration No. 19-03511 (Nov. 25, 2019). According to the claim, Concorde Investment Services failed to supervise Smith’s activities. The claim also alleges that the customer was defrauded as a result of purchasing the direct investments.
Smith has been referenced in another customer initiated investment related arbitration claim in which the customer requested $647,500.00 in damages supported by allegations of the breach of contractual and fiduciary duties with respect to the customer’s investments in GPB programs between March of 2015 and February of 2018. FINRA Arbitration No. 19-03723 (Dec. 17, 2019). The claim also alleges violation of Oregon Securities Act and negligence by the stockbroker.
On January 13, 2020, a customer filed an investment related arbitration claim concerning Smith’s activities where the customer sought $200,000.00 in damages founded on accusations of the violation of both FINRA Rules and Nebraska Securities Act and the breach of a fiduciary duty by Smith. FINRA Arbitration No. 20-00082. The claim alleges that the customer was placed into investments including GPB Automotive Portfolio which failed to be suitable for the customer. According to the claim, misrepresentations were made by the stockbroker and the stockbroker’s negligence resulted in the customer’s losses.
Smith’s registration with Concorde Investment Services has been terminated as of April 6, 2020. Since April 3, 2020, he has been associated with Emerson Equity LLC.
