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Wolper Law Firm Is Investigating Claims Against Sanctioned Sandlapper Securities Financial Advisor, Austin Dutton, Who Has 13 Customer Complaints And A Regulatory Sanction

The Wolper Law Firm is currently investigating claims against Austin Dutton, a Financial Advisor at Sandlapper Securities in Doylestown, Pennsylvania.  Austin Dutton first entered the securities industry in 1997.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Austin Dutton has been the subject of thirteen (13) customer complaints for alleged sales practice violations and, in July 2017, was sanctioned $200,000 by the State of Pennsylvania.  To have this many disclosures is rarely seen in the brokerage industry.

https://brokercheck.finra.org/individual/summary/2739167#disclosuresSection

Austin Dutton has a long history of customer complaints, employment separations and regulatory investigations.  In July 2017, Austin Dutton was sanctioned $200,000 by the State of Pennsylvania for the following alleged misconduct:

“Dutton recommended the purchase of a security to at least one customer without reasonable grounds to believe that the transaction was suitable for the customer. Dutton engaged in dishonest or unethical practices in the securities business by recommending to a customer the purchase, sale, or exchange of a security without reasonable grounds to believe that the transaction or recommendation was suitable for the customer based upon reasonable inquiry concerning the customer’s investment objectives, financial situation and needs and other relevant information known by the agent. This Order does not constitute a final order based on violations of any laws or regulations that prohibit fraudulent, manipulative or deceptive conduct.”

In addition, Austin Dutton has been the subject of myriad customer complaints, including eleven that are pending:

  • June 2018—“Claimant alleges sale of unsuitable securities, negligence, breach of fiduciary duty and failure to supervise.” Alleged damages are $100,000.
  • May 2018—“Claimant alleges unsuitable investments in his account resulted in damages.” Alleged damages are $130,000.
  • May 2018—“Claimant alleges sale of unsuitable securities, negligence, breach of fiduciary duty.” Alleged damages are $225,000.
  • April 2018—“Claimant alleges sale of unsuitable securities, negligence, breach of fiduciary duty and failure to supervise.” Alleged damages are $500,000.
  • December 2017—“Claimant alleges sale of unsuitable securities, misrepresentations and omissions of material facts… Alleged damages are $150,000.
  • December 2017—“Claimant alleges sale of unsuitable securities, misrepresentations and omissions of material facts… Alleged damages are $230,000.

For a full recitation of his complaint history, please click on the BrokerCheck link above.

On June 24, 2018, Sandlapper Securities was featured in a Wall Street Journal article for, in part, their hiring and retention of Financial Advisors with histories of regulatory infractions and customer complaints.

https://www.wsj.com/articles/firms-with-troubled-brokers-are-often-behind-sales-of-private-stakes-1529838000?mod=searchresults&page=1&pos=1

If you or someone you know was a customer of Austin Dutton or Sandlapper Securities and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]