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Utah Financial Advisor Brandon Stimpson Involved in $2.4 Million Customer Lawsuit

Brandon Stimpson (CRD#: 4299623), who is not currently affiliated with any broker-dealer, is involved in a pending customer dispute, according to his BrokerCheck record accessed on August 7, 2019. On June 19, 2019, Stimpson became involved in a pending dispute in which a client alleges, “unsuitability, overconcentration and unauthorized trading, deceptive practices, failure to supervise, [and] breach of fiduciary duty.” The customer is requesting $2,481,000 in damages.

GettyImages-84178122-300x200Brandon Stimpson is involved in two other pending disputes. On October 2, 2017, a client alleged that their options strategy was unsuitable. The customer is seeking $300,000 in damages. On June 27, 2016, Brandon Stimpson became involved in a pending dispute in which a client is alleging that their advisory account investment strategy was unsuitable, causing losses. The client is seeking $400,000 in damages.

On December 13,  2017, Allegis Investment Advisors terminated Brandon Stimpson for failing to follow the firm’s policies and code of ethics. One week later, on December 20, 2017, he settled a dispute in which a customer alleged, “breach of duties including fiduciary duty, breach of contract and negligence. The customer originally requested $478,150 in damages; the dispute was settled for $48,000.

On January 9, 2017, Brandon Stimpson was ordered to pay an award of $287,350.63 after a client alleged that their investment portfolio of put options was high-risk and unsuitable. They also alleged breach of fiduciary duty and failure to supervise.

Brandon Stimpson settled a customer dispute on November 16, 2015 after a client alleged that a “trade placed in the advisory account was outside the scope of the strategy.” The client originally requested $64,629; the case was settled for $35,000.

Three other disputes were closed with no action, Two disputes were filed on October 8, 2015. A customer alleged that “she was not given the proper information relating to the investment strategy recommended for the advisory account in April 2015” and she made the same claim regarding the advisory account as of August 2013. On August 28, 2015, a client alleged that  Brandon Stimpson “failed to move money from advisory account to a 401K account.” The firm conducted an investigation and was unable to substantiate the claim.

Over his 16 years in the securities industry, Brandon Stimpson worked at six broker-dealers:

  • United Planners’ Financial Services of America A Limited Partner (CRD#: 20804) of Logan, Utah
  • Allegis Investment Services, LLC (CRD#: 168557) of North Logan, Utah
  • Signator Financial Services, Inc. (CRD#: 19061) of North Logan, Utah
  • Insphere Securities, Inc. (CRD#: 136433) of Salt Lake City, Utah
  • Equity Services, Inc. (CRD# 265) of Logan, Utah
  • Jefferson Pilot Securities (CRD#: 3870) of Fort Wayne, Indiana

If Brandon Stimpson was your broker or if you have questions about put options trading, don’t hesitate to contact the experienced securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com.

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