Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 21, 2016 indicate that Florida-based GMS Group broker Brett Ellis has been the subject of resolved or pending customer disputes. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Ellis (CRD# 5293493)/
Brett Ellis has spent nine years in the securities industry and has been registered with GMS Group in Boca Raton, Florida since 2007. He has no previous registrations. He is a registered broker and investment adviser with 25 US states and territories.
According to his BrokerCheck report, Brett Ellis has received one customer complaint and one pending customer complaint.
In August 2016 a customer alleged Brett Ellis, while employed at the GMS Group, unsuitably recommended investments in GMF Warren/Tulane bonds. The customer is seeking $220,000 in damages in the pending complaint.
In 2009 a customer alleged Brett Ellis, while employed at the GMS Group, misrepresented material facts related to an investment. The complaint settled in 2012 for $7,900.
According to FINRA rules and federal securities law, investment professionals like Brett Ellis must abide by a standard called suitability, meaning they must recommend only investments that are suitable for their clients. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and others. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Brett Ellis, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.