Shawn Bruce Davis of Auburn California a stockbroker formerly associated with Independent Financial Group LLC and Berthel Fisher Company Financial Services has been referenced in a customer initiated investment related arbitration claim in which the customer requested $206,000.00 in damages supported by allegations that the customer had been unsuitably concentrated in illiquid investments including real estate investment trusts when Davis was employed by IFG and Berthel Fisher. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01898. According to the claim, REITs were not suitable as they did not align with the customer’s objectives for investing.
FINRA Public Disclosure reveals that Davis has been identified in ten additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by IFG, Berthel Fisher, Royal Alliance Associates Inc. and WFG Investments Inc. Davis is the subject of a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages based upon accusations of Davis engaging in unsuitable transactions which caused the customer to experience losses on real estate securities as well as direct investments and oil and gas securities. FINRA Arbitration No. 18-01268 (Apr. 16, 2018). According to the claim, the customer’s investments were misrepresented by the stockbroker and his actions were unsupervised by Berthel Fisher.
Another customer filed an investment related arbitration claim involving Davis’ conduct in which the customer requested $500,000.00 in damages based upon allegations that the WFG Investments customer had been placed into REITs and direct investments including direct participation program interests or limited partnership interests that were not appropriate for the customer and had caused the customer to incur losses. FINRA Arbitration No. 18-02173 (July 24, 2018).
Davis has also been identified in a customer initiated investment related civil action brought in the Superior Court for the State of California where the customer sought more than $5,000.00 in damages founded on accusations of failed due diligence as it pertained to business development company, equipment leasing securities, direct investments and real estate securities sold to the customer. Civil Action No. SCV0042532 (Mar. 25, 2019). The lawsuit alleges that Davis’ actions failed to be supervised by IFG, WFG and Berthel Fisher.
On October 18, 2019, another customer filed an investment related arbitration claim pertaining to Davis’ conduct in which the customer requested $800,000.00 in damages supported by allegations of unsuitable trading of real estate investment trusts and direct participation program interests. FINRA Arbitration No. 19-03103 (Oct. 18, 2019). Davis has also been referenced in a customer initiated investment related arbitration claim which was settled for $7,000.00 in damages supported by allegations of the failure to supervise Davis’ risky investment sales. The claim also alleges misrepresentations by the stockbroker while he was associated with IFG and Berthel Fisher. FINRA Arbitration No. 20-00282 (Apr. 7, 2020).
Davis is the subject of another customer initiated investment related arbitration claim where the customer sought between $100,000.00 and $500,000.00 in damages based upon accusations that the customer was sold bad direct participation program interests or limited partnership interests during the time that Davis was associated with WFG. FINRA Arbitration No. 20-01637 (May 28, 2020).
Davis’ employment with IFG was terminated on May 2, 2017.
