- August 29, 2022
- Securities America
Alan Douglass (CRD#: 1619835) is a registered Broker at Securities America, Inc. in Clearwater, FL.
He entered the securities industry in 1987 and previously worked for Investacorp, Inc.; Meridian, Dunhill & Co., Inc.; Monmouth Investments, Inc.; Barron Chase Securities, Inc.; Lehman Brothers, Inc.; Hanifen, Imhoff Securities Corp.; Graystone Nash, Inc.; Thomas James Associates, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2022, a customer dispute filed against Alan Douglass was denied. The allegation states, “Customer alleges VA purchased in 2016 was unsuitable.” Damages of $5,000 were sought.
In addition, Alan Douglass has been the subject of five customer complaints, including two that remain pending, including the following:
- May 2022 — “Customer alleges financial professional provided poor recommendations since 2013, resulting in poor performance.” The customer dispute was denied.
- September 2021 — “Claimant alleges his account was overconcentrated in alternative investments.” The customer dispute is pending, and damages of $500,000 are requested.
- July 2021 — “THE CUSTOMER ALLEGES THE REPRESENTATIVE MADE RECOMMENDATIONS THAT ALLEGEDLY WERE NOT IN KEEPING WITH HIS NEEDS AND OBJECTIVES, AND THAT HE HAS ALLEGEDLY INCURRED INVESTMENT LOSSES.” The customer dispute is pending, and damages of $100,000 are requested.
- March 2021 — “Claimant alleges unsuitability of alternative investments that caused financial harm from January 1/2014 to 12/31/2014. The allegations include violations of FINRA rules, negligence, misrepresentations and omissions and breach of fiduciary duty.” The customer dispute was settled for $50,000.
- March 1993 — “CUSTOMER ALLEGED THAT HE PURCHASED 1000 SHARES OF REXON INC. ON FALSE PRETENSE AND MISREPRESENTATION ALLEGED DAMAGES: LOSS IN STOCK PRICE $5320.25, PAINEWEBBER SHORT ON FINAL CHECK $30.18; ARBITRATION ASSOC. FEE $300; PUNITIVE $24,679.75 $30,000 TOTAL.” The customer dispute was resolved with damages of $3,000 awarded to the customer.
For a copy of Alan Douglass’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.