Shawn Bruce Davis of Auburn California a stockbroker formerly registered with Independent Financial Group is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested compensatory damages supported by allegations that their assets had been concentrated in non-traded real estate investment trusts by Davis during the time that he was associated with Independent Financial Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03498 (Oct. 15, 2020).
FINRA Public Disclosure reveals that Davis has been identified in eleven more customer initiated investment related disputes involving accusations of his misconduct during the period that he was employed by Berthel Fisher Company Financial Services Inc., WFG Investments Inc., Royal Alliance Associates Inc. and Independent Financial Group. Davis is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $50,000.00 in damages based upon allegations that the customer’s assets were placed into unsuitable investments including real estate investment trusts, direct participation programs and limited partnership interests when Davis was registered with WFG Investments. FINRA Arbitration No. 18-02173 (June 5, 2020).
On August 13, 2018, a customer filed an investment related arbitration claim concerning Davis’s activities in which the customer sought more than $5,000.00 in damages founded on accusations of the stockbroker failing to perform due diligence, and the securities broker dealers failing to supervise his alternative investment sales. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02735. According to the claim, the customer was placed into business development companies, real estate securities and equipment leasing products that were not suitable for them. The claim also alleges that Davis misrepresented information concerning those products.
On October 18, 2019, another customer filed an investment related arbitration claim involving Davis’s conduct where the customer requested $800,000.00 in damages supported by allegations of unsuitable REIT, DPP and LP purchases at Independent Financial Group resulting in damages to the customer. FINRA Arbitration No. 19-03103.
On May 28, 2020, an additional customer filed an investment related arbitration claim concerning Davis’s conduct in which the customer sought $100,000.00 in damages founded on allegations that the customer was advised by Davis to invest in bad REITs, BDCs, oil and gas securities, equipment leasing products and other direct investments. FINRA Arbitration No. 20-01637 (May 28, 2020). The claim alleges misrepresentation by the stockbroker.
Davis is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $206,000.00 in damages supported by accusations of Davis effecting unsuitable REIT transactions in the customer’s account. FINRA Arbitration No. 20-01898 (June 19, 2020). According to the claim, the customer’s account contained an overconcentration of the alternative investments. The transactions allegedly failed to meet the customer’s investment objectives.
The stockbroker is referenced in another customer initiated investment related FINRA securities arbitration claim which was settled for $200,000.00 in damages based upon accusations of illiquid and risky investments being sold to the customer by Davis while he was associated with Berthel Fisher Company Financial Services and Independent Financial Group. FINRA Arbitration No. 20-00282 (Mar. 11, 2021).
Davis was registered with Independent Financial Group between February 20, 2014 and May 2, 2017.
