Securities Lawyers Blog
Advisor Jerry Tuma (Tuma), currently employed by brokerage firm Independent Financial Group, LLC (Independent Financial) has been subject to at least five disclosures and customer complaints. According to a BrokerCheck report the customer complaints concern investment advisory activity and one complaint involves alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products and have recovered in excess of $50 million in investor losses.
In January 2022 a customer complained that Tuma violated the securities laws by alleging that Tuma made investment recommendations that were not suitable and was not in line with stated objectives. The claim is currently pending and the investor seeks $200,000 in damages.
In January 2022 a customer complained that Tuma violated the securities laws by alleging that the client engaged CFS in an advisory relationship beginning in 12/2017. The client also alleged her account was not managed in accordance with her best interests, that certain management and product fees were excessive, and in inappropriate products given her risk profile. The claim is currently settled for $14,906 in damages.