• August 22, 2018
• Madison Avenue Securities
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. is currently investigating claims against James Geake, a Financial Advisor at Madison Avenue Securities in Skokie, Illinois.  James Geake has been in the securities industry since 1995 and previously worked at American General Securities.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 27, 2018, a customer filed a complaint against James Geake, alleging “suitability misrepresentations related to alternative investment and FIA contracts.”  The alleged damages are unspecified and the matter remains pending.

James Geake has a history of additional customer complaints, including the following:

• February 2017—”Client claimed that he was sold equity indexed annuities that ‘gave the broker a bonus for signing clients’ and that it was a ‘bait and switch’ scheme.” The alleged damages were $347,000.
• November 2015—”Claimant alleges that representative made unsuitable investment recommendations and therefore asserts additional claims of failure to supervise, negligence, and breach of contract. Claimant alleges that during 2007 representative recommended the liquidation of annuity contracts to purchase three alternative investments products which were purchase during the period 2007 through 2009.” The matter was settled for $60,000.

To review a full copy of James Geake’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2629008#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Trading long-term investment vehicles in short duration is per se improper as it presents very little benefit to the customer and only benefits the Financial Advisor, who earns commissions.  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.

If you or someone you know was a customer of James Geake and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

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.