Shawn Bruce Davis of Auburn California a stockbroker formerly employed by Independent Financial Group LLC is the subject of a customer initiated investment related civil action brought in the Superior Court of the State of California in which the customer requested unspecified damages founded on accusations that (1) false or misleading statements had been made concerning business development company, real estate security, equipment leasing products and direct investments (2) alternative investment transactions were inappropriate and (3) Independent Financial Group and Davis’ former securities broker dealer employers (Berthel Fisher Company Financial Services and WFG Investments) failed to supervise the transactions effected in the customer’s account. Civil Action No. SCV0042532 (March 4, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Davis has been identified in seven more customer initiated investment related disputes containing allegations of his misconduct while employed with securities broker dealers including Berthel Fisher and Royal Alliance Associates, WFG Investments and Independent Financial Group. In particular, Davis is referenced in a customer initiated investment related civil action where the customer sought damages estimated to exceed $5,000.00 based upon accusations that real estate investment trust holdings had been churned; fiduciary duties were breached; false statements and omissions were made about investments; the customer’s account had been handled with poor care; and transactions violated the California Corporation Code. Civil Action No. 34-2017-00212182 (May 18, 2017).
Another customer filed an investment related arbitration claim concerning Davis’ activities in which the customer requested $500,000.00 in damages supported by allegations of misrepresentation and unsuitability relating to the customer’s purchases of real estate securities, oil and gas products and direct investments. FINRA Arbitration No. 18-01268 (Apr. 5, 2018). Davis is also the subject of a customer initiated investment related arbitration claim where the customer sought $560,000.00 in damages founded on accusations that he executed real estate investment trust, direct participation program or limited partnership transactions that were not appropriate for the customer. FINRA Arbitration No. 18-02173 (July 24, 2018).
Another customer filed an investment related civil action in the Superior Court of California involving Davis’ conduct in which the customer requested $1,500,000.00 in damages based upon allegations that when Davis was associated with Royal Alliance and Berthel Fisher, real estate security, direct participation program and limited partnership interest purchases failed to be appropriate for the customer; and improper statements had been made concerning the terms and conditions of those investments. Civil Action No. CVCS19-0000434 (Feb. 12, 2019).
Davis’ employment with Independent Financial Group LLC has been terminated as of May 2, 2017.
