Investment fraud attorneys at Gana Weinstein LLP have been investigating Dawson James Securities, Inc. (Dawson James Securities) broker Thomas Curtis (Curtis). According to BrokerCheck Records, Curtis has been subject to 6 customer disputes, one of which is still pending. The majority of these disputes involve unsuitable investment recommendations and the false representation of investments.
In August 2017, a customer alleged that Curtis misrepresented the nature of securities and provided unsuitable investment recommendations to the customer. The customer is requesting $4,952,610 in damages. This dispute is currently still pending.
In October 2015, a customer alleged that from October 2014 to September 2015, Curtis misrepresented the material facts of the investments recommended. The customer has requested $100,000 for damages.
In addition, in September 2015, a customer alleged in December 2013, Curtis misrepresented the nature of material facts of private placement investments. The case settled for $60,000.
Private placement offerings are among the most speculative and costly investment products offered to retail investors. While the size of the private placement market is unknown, according to 2008 estimates, companies issued approximately $609 billion of securities through Regulation D offerings. Private placements allow many small companies to efficiently raise capital. However, regulators continue to find significant problems in the due diligence and sales efforts of some brokerage firms when selling private placements to investors. These problems include fraud, misrepresentations and omissions in sales materials and offering documents, conflicts of interest, and suitability abuses.
False representations include statements that omit or misrepresent information that is material to an investor. The misrepresented information often induces the purchase, sale, or holding of a security. FINRA Rules require representations to investors be balanced in light of all the information being provided to the investor. Advisers are prohibited from only listing the positive aspects of a security without disclosing downside risk and negative features in a balanced and fair manner.
Curtis entered the securities industry in 1985 and he has been registered with Dawson James Securities since 2008. From July 2005 to November 2005, Curtis was registered with Moors & Cabot Financial Advisors, LLC. From May 1999 to November 2005, Curtis was registered with Moors & Cabot, Inc. From October 1995 to May 1997, Curtis was registered with Schneider Securities, Inc. From October 1994 to October 1995, Curtis was registered with Baraban Securities, Inc.
Investors who have suffered losses may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of misrepresented and unsuitable investment recommendations and of brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover.