Securities Lawyers Blog
Former First Allied Securities, Inc. (First Allied) broker Sean Brady (Brady) has been subject to at least six customer complaints, one employment termination for cause, and one regulatory action resulting in a bar from the industry. According to a BrokerCheck report many of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs). The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.
In October 2017 First Allied terminated Brady on allegations that he violated the firm’s policies pertaining to client falsification of signature on documents, text messaging, and consolidated account reports. Thereafter, Brady was subject to a FINRA investigation concerning his sales practices. FINRA found that Brady failed to provide the regulator with information and documents requested resulting in a automatic industry bar.
The most recent customer complaint alleges Brady misrepresented her net worth, made an unsuitable recommendation, and made misrepresentations and omissions with respect to her investment from 2017 causing $265,000. The claim is currently pending.