Our investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against David White (White) currently associated with Centaurus Financial, Inc. (Centaurus) alleging unsuitable investments and breach of fiduciary duty among other claims. According to brokercheck records White has been subject to eleven customer complaints. Many of the complaints involve direct participation products (DPPs) such as non-traded real estate investment trusts (REITs) and other alternative investments.
Our firm has experience representing investment fraud victims with these investments against Centaurus. See Gana LLP Wins Arbitration Award On Behalf of Client Against Centaurus Financial. In that case, the Claimant alleged that the broker involved invested over $2,000,000 in exclusively high cost products and 50% of those investments were in alternative investments such as private placements, oil and gas partnerships, and REITs. The other 50% was invested in variable and equity-indexed annuities. The panel found that “the investments Hashemian recommended while at Centaurus were not suitable and in [Claimant’s] best interests. [Claimant] also provided sufficient evidence to meet her burden of proof to support her allegations in her Statement of Claim that the actions by Hashemian, for which Centaurus is responsible, constitute fraudulent and negligently made material misrepresentations and omitted material information in the sale of the investments to [Claimant].” Award Can Be Found Here.