HERBERT GARRETT FREY of Union Capital is Now SUSPENDED
MOUNT VERNON, OHIO
Have you lost money with financial advisor Herbert Garrett Frey from Mount Vernon, Ohio? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Herbert Frey.
Frey was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in a customer’s accounts. FINRA alleged that Frey’s customer had accounts with a cost-to-equity ratio of 63.88% while at Union Capital Company and Lincoln Douglas Investments. To put this in perspective, if an account had a cost equity ratio of 10%, that means the trading in the account would have to make a 10% profit annually just to break even from the costs of trading.
Herbert Garrett Frey was a registered representative and financial advisor with Union Capital Company from November 2017 to August 2018. He was also licensed with Lincoln Douglas Investments from August 2018 to December 2020, and with Landolt Securities from July 2016 to November 2017. He worked out of branch offices in Mount Vernon and Cincinnati, Ohio. Frey has also been the subject of at least six customer complaints and seven other regulatory actions.
Broker-dealers like Union Capital Company and Lincoln Douglas Investments have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; Seattle, Washington; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio. Our attorneys have represented over one thousand investors against many brokerage firms in the past.