Securities Lawyers Blog
According to BrokerCheck records financial advisor Coleman Devlin (Devlin), formerly associated with IFS Securities (IFS), has been subject to 14 customer complaints. In addition, Devlin has been subject to two regulatory matters and has been terminated by two firms for cause. In June 2016 Devlin was discharged from Stifel, Nicolaus & Company, Incorporated (Stifel, Nicolaus) on allegations of unauthorized trading. Thereafter, The Financial Industry Regulatory Authority (FINRA) conducted its own investigation of Devlin’s trading activities.
In October 2017, FINRA found that Devlin effected discretionary trades in five customer accounts without obtaining prior written authorization from the customers and without acceptance of the accounts as discretionary by his member firm.
Devlin has also been subject to numerous customer complaints over the course of his career. The most recent case was filed in November 2017 and alleged unsuitable investments. The customer seeks $600,000 in damages and the claim is currently pending.