• November 29, 2021
• Raymond James

Guilford Nergard (CRD#: 2360614) is a registered Investment Advisor and previously registered Broker.

 

Broker’s Background

 

He entered the securities industry in 1993 and previously worked for San Blas Securities, LLC; Newbridge Securities Corporation; Raymond James & Associates, Inc.; Morgan Stanley; Citigroup Global Markets, Inc.; and Lehman Brothers, 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 2021, a customer dispute filed against Guilford Nergard was settled for $175,000 . The allegation states, “Client alleged poor performance due to the mismanagement of accounts. Alleged Activity Dates: 6/4/2013 – 11/6/2020.”

 

In addition, Guilford Nergard has been the subject of four additional customer complaints, including one that remains pending, including the following:

 

• March 2021–”Respondent made discretionary trades for his clients without proper authorization.” The Arizona Corporation Commission Securities Division sanctioned Guilford Nergard with a consent resolution to cease and desist, pay a civil/administrative penalty/fine of $2,500, and be suspended from working as a general registered representative for a period of three months from April 1, 2021 to June 30, 2021.
• November 2020–”In violation of Firm policy, FA did not obtain Firm approval prior to executing trades that exceeded use of time discretion in non-discretionary advisory accounts.” Guilford Nergard was discharged from Raymond James Associates.
• October 2020–”Client alleges unauthorized trading and excessive trading.” Damages of $158,433.90 are requested. The customer dispute is pending.
• June 2008–”THIS VERBAL COMPLAINT AROSE OUT OF THE SALE OF AN AUCTION RATE SECURITY (ARS) THAT WAS MADE PRIOR TO THE WIDESPREAD ILLIQUIDITY IN THE ARS MARKET THAT OCCURRED IN FEBRUARY 2008. DAMAGE UNSPECIFIED.” The customer dispute was settled for $50,116.50.
• August 2004–”UNSUITABILITY, UNAUTHORIZED TRADING, BREACH OF FIDUCIARY DUTY, MISREPRESENTATION. 10/01/00.” The customer dispute was settled for $9,999.99.
• July 2002–”THE CLIENT ALLEGED THAT, SEVERAL YEARS AGO, SHE AND THE FC DISCUSSED A MORE CONSERVATIVE APPROACH TO HER PORTFOLIO BUT SHE HAS NOT SEEN ANY CHANGES. 1996 – 2002. ALLEGED DAMAGES UNSPECIFIED.” The customer dispute was denied.

 

For a copy of Guilford Nergard’s FINRA BrokerCheck, click here.

 

We Help Investors Recover Investment Losses

 

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

 

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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 mwolper@wolperlawfirm.com.