Financial Advisor Brandon Stimpson Terminated By Allegis For Failing To Follow Firm’s Code Of Ethics
The Wolper Law Firm is currently investigating claims against Brandon Stimpson, a former Financial Adviser at Allegis Investment Advisors in North Logan, Utah. Brandon Stimpson has been in the securities industry since the 2000s and was previously employed by Signator Financial Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 13, 2017, Allegis terminated Brandon Stimpson after it was determined that he allegedly “failed to follow firm policies and code of ethics.” This discharge comes on the heels of Brandon Stimpson being the subject of eight customer complaints since 2015, including one pending complaint, dated October 2017, in which the customer alleged
“the options strategy that was active in the account was unsuitable and a trade in Aug 2015 cause the account a loss.” The alleged damages are $300,000 and the matter remains pending.
In addition, the other customer complaints against Brandton Stimpson allege:
- December 2016—”Stimpson was named in a customer complain that asserted the following causes of action: unsuitability; unauthorized trading, failure to supervise; and breach of fiduciary duty.” The matter went to a final arbitration hearing and damages of $404,000 were awarded to the customer.
- June 2016—”Client alleges that the strategy in which the advisory account were invested in was unsuitable and a trade in August 2015 caused a loss to the client.” The complaint alleges damages of $400,000 and remains pending.
- November 2015—”Client alleges that a recent trade placed in the advisory account was outside the scope of the strategy.” The matter was settled for $35,000.
For a full copy of Brandon Stimpson’s BrokerCheck disclosures, click https://brokercheck.finra.org/individual/summary/4299623#disclosuresSection
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.
The Wolper Law Firm is interested in speaking with clients of Brandon Stimpson as part of its investigation. We can be reached at 800.931.8452 or by email at email@example.com. 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.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct