10.0David P Neuman
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WARNING! Impending Investigation–DOUGLAS W. FINLAY JR. and CADARET GRANT & COMPANY

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10
Apr

WARNING! Impending Investigation–DOUGLAS W. FINLAY JR. and CADARET GRANT & COMPANY

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Douglas W. Finlay Jr. and Cadaret Grant & Company

Have you lost money with financial advisor Douglas W. Finlay Jr.?  We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Douglas Finlay, Jr., from Point Pleasant, New Jersey.  FINRA alleges that Finlay concentrated a customer’s portfolio in illiquid, non-traded REITs (real estate investment trusts), which was unsuitable.

Douglas Finlay Jr. was a financial advisor registered representative of Cadaret Grant & Company from 2001 to December 2013.  According to Cadaret Grant’s internal guidelines, a customer should have no more than 10% of his or her liquid net worth in alternative investments like private placements and non-traded REITs.  With this particular customer, Finlay recommended 100% of her portfolio in non-traded REITs.  Finlay then falsified account forms to inflate the customer’s net worth in an attempt to avoid detection.

Finlay was suspended by FINRA for 18 months from the securities industry, fined $15,000, and ordered to disgorge the $6,600 in commissions earned from the non-traded REIT sales.  Finlay was also terminated from Cadaret Grant in 2013 for this conduct.

Brokerage firms like Cadaret Grant & Co. have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Our attorneys have represented over one thousand investors who have been defrauded by their financial advisor or stockbroker.  While we have offices in Denver and the Seattle area, we have also previously represented clients in New Jersey, New York, and Pennsylvania.  If you have lost money with Douglas Finlay Jr. or Cadaret Grant & Co. and want to hear about ALL legal options, please visit https://www.israelsneuman.com and go to our CONTACT page or call us at 720-599-3505.

Click to view:  Finlay FINRA AWC

 

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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