- November 16, 2021
- United Planners Services of America
Carl Gill (CRD#: 1076361) is a registered Investment Advisor and previously registered Broker.
He entered the securities industry in 1982 and previously worked for United Planners’ Financial Services of America: A Limited Partner; Professional Asset Management, Inc.; Leonard & Company; Vestax Securities Corporation; First of Michigan Corporation; and Dean Witter Reynolds, Inc..
Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2021, a customer dispute was filed against Carl Gill. The allegation states, “Violations of federal securities laws, violations of Michigan Uniform Securities Act, violation of Michigan Consumer Protection Act, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence.” Damages of $100,001 are requested.
In addition, Carl Gill has been the subject of 5 customer complaints, including 3 that remain pending, including the following:
- July 2021–”Unsuitability, common law fraud, breach of contract, breach of fiduciary duty, negligence, and unauthorized trading.” The customer dispute is pending.
- April 2021–”Negligence, breach of contract, breach of fiduciary duty, fraud and silent fraud and negligent misrepresentation, state securities fraud, and violation of FINRA rules of fair practice.” Damages of $350,000 are requested. The customer dispute is pending.
- March 2021–”Negligence, gross negligence, misrepresentations and omissions, breach of contract and wrongful conduct.” Damages of $176,885 are requested. The customer dispute is pending.
- February 2021–”Negligence, gross negligence, misrepresentations and omissions, breach of contract and wrongful conduct.” The customer dispute was settled for $35,000.
- December 2015–”Representative places a discretionary trade in a non-discretionary account.” Carl Gill was permitted to resign from United Planners Financial Services.
- December 2015–”Representative placed a discretionary trade in a non-discretionary account.” Carl Gill was permitted to resign from Spectrum Financial Resources.
- November 2011–”DEFICIENT RECORD KEEPING, FAILURE TO ANNUALLY UPDATE POLICIES AND PROCEDURES MANUAL AND FAILURE TO PROVE A COMPLIANCE MEETING IN 2008.” The United States Securities and Exchange Commission issued a cease and desist order, censure and civil/administrative penalties/fines.
- April 2007–”FROM 08/04/2000 TO 03/17/2007 LOST MONEY IN ANNUITY INVESTMENTS. MET WITH CLIENT AND RESOLVED THE PROBLEM. WROTE HER A CHECK AND SHE SIGNED A RELEASE LETTER.” The customer dispute was settled for $42,424,22.
- May 1984–”CARL DAMIEN GILL, FORMER REGISTERED REPRESENTATIVE OF A MEMBER FIRM, ENGAGED IN CONDUCT INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE IN THAT HE: WROTE, SIGNED AND ISSUED TWO LETTERS ON HIS MEMBER ORGANIZATION EMPLOYER’S LETTERHEAD WITHOUT AUTHORITY TO DO SO AND MADE MISREPRESENTATIONS OF FACT THEREIN CONCERNING THE EXISTENCE AND CONTENTS OF A CUSTOMER ACCOUNT, AND CIRCUMVENTED FIRM PROCEDURES FOR THE PRIOR REVIEW AND APPROVAL OF OUTGOING CORRESPONDENCE.” The New York Stock Exchange censured Carl Gill with a consent resolution, $2,000 fine, and barred him for 2 months.
- February 1984–”85-95 THAT I WROTE SIGNED AND ISSUED 2 LETTERS ON FIRM LETTERHEAD WITHOUT PRIOR MANAGER APPROVAL.” Carl Gill was permitted to resign from Dean Witter Reynolds, Inc.
For a copy of Carl Gill’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 agee, 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.
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