Securities Lawyers Blog
The attorneys at Gana Weinstein LLP have reviewed BrokerCheck records reports that broker Erik Drewes (Drewes), currently employed by American Capital Partners LLC, has been subject to at least three customer complaints during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Drewes’s customer complaints allege that he participated in churning and failed to perform adequate due diligence on REIT investments. However, these complaints have been expunged from Drewes’ record under FINRA’s notoriously flawed expungement procedures. The expunged complaints are as follows:
In April 2020, a customer complained that Drewes violated securities laws by alleging that Drewes failed to do adequate due diligence on a REIT before investing in it. The claim settled in the amount of $14,900.
In November 2014, a customer complained that Drewes violated securities laws by alleging Drewes engaged in unsuitable investment advice and churning. The claim settled in the amount of $110,000.
In April 2008, a customer complained that Drewes violated securities laws by alleging Drewes failed to supervise in relation to unauthorized and excessive trading. The claim settled in the amount of $12,795.