Robert Smith (CRD#: 1412333), a registered representative with Concorde Investment Services, LLC (CRD#: 151604) in Lake Oswego, Oregon, is currently involved in three customer disputes over GPB private placements, according to his BrokerCheck record accessed on February 3, 2020.
GPB is accused of running a Ponzi scheme. In February 2019, the FBI raided the New York headquarters of GPB, seizing records as part of its investigation into the investment firm. William Galvin, the Massachusetts Securities Commissioner, continues to investigate the 63 brokerage firms that sold GPB placements. In recent months, clients have filed disputes against individual brokers who recommended GPB holdings, including GPB Automotive.
This recent dispute over GPB is far from the only disclosure on Robert Smith’s BrokerCheck record, which also lists three other pending disputes over GPB. On December 2, 2019, a customer alleged that Robert Smith made unsuitable recommendations, committed fraud, and acted negligently in regards to VII Peaks and GPB Automotive Investments made from 2014 to 2017. The customer is seeking $95,000 in damages and the matter is pending. On July 2, 2019, another customer alleged that Robert Smith sold unsuitable private placements and acted negligently. The customer is seeking $1.1 million in damages. On January 6, 2020, a third customer filed a complaint against Robert Smith, alleging that the broker breached his fiduciary duty (putting his own interests ahead of the client’s interests), violated the Oregon Securities Act, and breached his contract regarding various investments in GPB private placements that were made between March 2015 and February 2018. The client is seeking $567,500 in damages; the matter is pending.
Robert Smith’s BrokerCheck record also lists one settled customer dispute. On April 15, 2013, a customer alleged that Robert Smith misrepresented an investment which was not suitable. The customer sought $85,000 in damages; the matter was settled for $27,000.
Over his 33-year career in the securities industry, Robert Smith worked for seven broker-dealers. In addition to his current position with Concorde Investment Services, LLC, he has also worked for the following brokerage firms:
- Pacific West Securities, Inc. (CRD#: 6390)
- Brookstreet Securities Corporation (CRD#: 14667)
- Toluca Pacific Securities Corp. (CRD#: 13875)
- Allmerica Investments, Inc. (CRD#: 3960)
- G. Edwards & Sons, Inc. (CRD#: 4)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691)
If Robert Smith was your broker and you have concerns about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation.