Investors Demand $1.25 Million from David Geake
David Geake (CRD #: 3088891), a broker registered with American Trust Investment Services, is involved in four pending investor disputes, according to his BrokerCheck record, accessed on November 10, 2021. He is a registered investment advisor with American Trust Investment Services Advisory.
Pending Disputes: 2021
David Geake has been involved in four pending investor disputes in 2021. Two of the disputes seek six-figure damages:
- On September 20, 2021, investors alleged David Geake recommended multiple alternative investments, including Hospitality Investors Trust starting in 2013. The investors are seeking $750,000; the dispute is pending. Alternative investments are not suitable for the majority of investors.
- On March 24, 2021, an investor alleged that David Geake recommended unsuitable investments. The investor is seeking $500,000; the dispute is pending.
A broker must have exercised due diligence to research an investment product and an adequate reason for believing that an investment will also be suitable or beneficial. Under FINRA Rule 2111, registered brokers may be held liable if they provide an unsuitable investment recommendation or strategy that leads to losses.
- On August 26, 2020, an investor filed a dispute against David Geake alleging failure to supervise. The damage amount requested was $2,800,000. The dispute was settled for $560,000.
- On April 17, 2020, investors alleged that David Geake failed to perform his due diligence, over-concentrated certain securities, and misrepresented alternative investments. The investors sought $100,000; the dispute settled for $20,000.
- On March 23, 2011, an investor filed a dispute against David Geake alleging misrepresentation and suitability issues with the purchase of three REITS. The damage amount requested was $885,279.83. The dispute was settled for $120,000.
On October 30, 2019, an investor filed a dispute against David Geake alleging unsuitable recommendations in illiquid investments. The damage amount requested was $70,000.
Investors should know that the denial of their complaint doesn’t mean the end of the case. You can still seek FINRA arbitration and recover your losses following a denial.
On September 14, 2018, David Geake resigned from his position at Ausdal Financial Partner following allegations that he engaged in an unreported private security transaction.
David Geake 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 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 24 – General Securities Principal Examination
He is a registered broker in 10 states. He is also a registered financial advisor in Illinois and Indiana.
Besides American Trust Investment Services, David Geake has worked with the following firms:
- Ausdal Financial Partners (CRD#: 7995)
- Madison Avenue Securities (CRD#:23224)
- Madison Avenue Advisors (CRD#:137461)
- American General Securities Incorporated (CRD#:13626)
- Franklin Financial Services Corporation (CRD#:5435)
Kurta Law Can Help
If you have suffered losses after working with David Geake, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors. 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. Reach out today to start the process to recover your investment losses.