Investors Allege Damian Bell Gave Unsuitable Investment Recommendations

Damian Bell (CRD #: 2348521), a broker registered with International Assets Advisory, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on November 20, 2022. Investors may have also worked with him through RockBridge Wealth Management. Keep reading if you have questions about his alleged conduct as a broker.

Investor Disputes

On June 1, 2022, an investor alleged Damian Bell made unsuitable and misleading investment recommendations and failed to conduct reasonable due diligence. The client seeks $169,000 in this pending dispute.

In a dispute filed on June 15, 2018, an investor alleged Damian Bell purchased an unsuitable Morgan Stanley note and stated concerns regarding the commission associated with the note and a mutual fund. This dispute was denied by the firm.

However, investors should know that firms don’t need to allow an external review before denying a dispute. Investors may be able to recoup their losses by seeking out FINRA arbitration following a denial.

On March 14, 2016, multiple investors filed a dispute alleging, among other things, that Damian Bell made misrepresentations, gave unsuitable investment recommendations, and failed to conduct reasonable diligence with regard to Servergy. The clients sought $2.78 million in damages and received a settlement of $250,000.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information about an investor’s financial goals, risk tolerance, and other characteristics.

In conjunction with FINRA Rule 2111, the SEC’s Regulation Best Interest (Reg-BI) requires that brokerage firms conduct due diligence when recommending investments and put their clients’ best interests first.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence investors’ decisions. Misrepresenting or omitting material facts related to investments violates this rule.

Settled Arbitrations

According to an arbitration settled on July 17, 2017, investors alleged Damian Bell failed to conduct due diligence on alternative investment(s). Claimants were granted $5.054 million in damages.

Background Information

Damian Bell has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

Damian Bell is a registered broker in 17 states and a registered investment adviser in Alabama.

He has also worked for the following firms:

• WFG Advisors (CRD#:125073)
• WFG Investments (CRD#:22704)
• Rockbridge Asset Management (CRD#:134810)
• GunnAllen Financial (CRD#:17609)
• Wachovia Securities Financial Network (CRD#:11025)
• CapTrust Financial Advisors (CRD#:41727)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• Prudential Securities (CRD#:7471)

Kurta Law Can Help

If you worked with Damian Bell and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.