Shawn Bruce Davis of Auburn California a stockbroker formerly registered with Independent Financial Group LLC is referenced in a customer initiated investment related arbitration claim where the customer requested more than $5,000.00 in estimated damages based upon accusations including (1) churning of the customer’s investment portfolio (2) violation of California Corporations Code (3) breach of fiduciary duty (4) omissions (5) misrepresentations and (6) negligence relating to the real estate investment trust transactions executed in the customer’s investment account between 2013 and 2016. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02219 (Sept. 12, 2017).
FINRA Public Disclosure confirms that Davis has been referenced in six more customer initiated investment related disputes containing allegations of Davis’ wrongdoing during the time that he was employed by WFG Investments, Inc., Royal Alliance Associates, Inc., Independent Financial Group and Berthel, Fisher & Company Financial Services, Inc. For example, a customer initiated investment related complaint regarding Davis’ activities was settled for $52,500.00 in damages founded on allegations that Davis made misrepresentations to the customer concerning investments and effected real estate security, equipment leasing and direct investment product transactions that were not suitable for the customer. FINRA Arbitration No. 13-02524 (Aug. 15, 2014). Further, the customer alleged that Berthel Fisher failed to supervise transactions placed in the customer’s account.
Thereafter, a customer filed an investment related arbitration claim pertaining to Davis’ activities in which the customer sought $740,000.00 in damages based upon accusations that transactions were executed in the customer’s account that were not suitable for the customer, fiduciary duties had been breached and the customer had been defrauded in reference to the customer’s real estate investment trust, oil and gas, equipment leasing and direct participation program transactions. FINRA Arbitration No. 16-02660 (Oct. 20, 2016). Subsequently, a customer brought an investment related arbitration claim concerning Davis’ conduct where the customer requested $1,500,000.00 in damages supported by allegations of suitability, misrepresentation and failure to supervise the customer’s direct investment and real estate security transactions. FINRA Arbitration No. 18-01092 (Mar. 22, 2018).
Further, a customer filed an investment related arbitration claim regarding Davis’ activities in which the customer sought $500,000.00 in damages founded on accusations that misrepresentations had been made by the customer; real estate security, oil and gas and direct investment product transactions were inappropriate for the customer; and Davis’ activities failed to be supervised by the firm. FINRA Arbitration No. 18-01268 (Apr. 16, 2018).
Davis’ registration with Independent Financial Group was terminated on May 2, 2017.
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