Robert Scott Smith of Newberg Oregon a stockbroker formerly registered with Concorde Investment Services is the subject of a customer initiated investment related written complaint on May 10, 2021 in which the customer sought $678,500.00 in damages supported by accusations that they had been sold unsuitable private placements by Smith while he was registered with Concorde Investment Services. The claim alleges that the customers sustained losses on VII Peaks Co-Optivist BDC II Inc. and GPB Automotive Portfolio LP.

FINRA Public Disclosure shows that Smith has been identified in nine more customer initiated investment related disputes containing allegations of his wrongdoing during the time that he was associated with securities broker dealers including Concorde Investment Services LLC. On February 5, 2020, a customer initiated investment related FINRA securities arbitration claim involving Smith’s conduct was resolved for $280,000.00 founded on accusations of negligence and unsuitability as it pertained to private placement transactions that Smith effected while at Concorde Investment Services. FINRA Arbitration No. 19-01807.

On August 11, 2020, another customer initiated investment related FINRA securities arbitration claim concerning Smith’s activities was settled for $90,000.00 in damages based upon allegations of negligence relating to Smith’s sale of GPB Automotive investments and VII Peaks between 2014 and 2017. FINRA Arbitration No. 19-03511. According to the claim, Concorde Investment Services failed to supervise Smith’s investment recommendations and actions. The claim alleges that the customer was defrauded.

On October 19, 2020, a different customer initiated investment related FINRA securities arbitration claim regarding Smith’s conduct was resolved for $265,000.00 in damages supported by accusations of fraud and the violation of Oregon securities law relating to private placements recommended by Smith for the customer’s Concorde Investment Services account from April of 2014 to December of 2017. FINRA Arbitration No. 20-00783. According to the claim, Smith breached a contract and breached a fiduciary duty. Allegations also include negligent supervision by Concorde Investment Services.

Smith is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $630,000.00 in damages based upon accusations that Smith fraudulently misrepresented information to them and had made unsuitable recommendations concerning DPPs and LPs. FINRA Arbitration No. 20-03895 (Dec. 23, 2020). The claim alleges the violation of Arizona securities law, federal securities law and FINRA rules. According to the claim, Concorde Investment Services failed to supervise Smith.

Smith has been referenced in a different customer initiated investment related FINRA securities arbitration claim which was resolved for $278,250.00 in damages based on accusations of breach of contract and the violation of Oregon Securities Act relating to the investments that Smith sold from March of 2015 to February of 2018. FINRA Arbitration No. 19-03723 (Jan. 7, 2021). The claim alleges breach of fiduciary duty concerning GPB programs.

Smith is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $110,000.00 in damages founded on allegations of breach of fiduciary duty by Smith concerning the customer’s 2017 investment in GPB Automotive Portfolio LP. FINRA Arbitration No. 20-00082 (Mar. 19, 2021). According to the claim, negligent misrepresentations were made concerning the direct participation programs or limited partnerships. The claim also alleges the violation of Nebraska securities law and FINRA rules relating to markups and commissions.

Smith was registered with Concorde Investment Services between May 6, 2011 and April 6, 2020. He has been registered with Emerson Equity LLC since April 3, 2020.

Tags: , , ,

Comments are closed.