WARNING! Impending Investigation: GARY DONOVAN and SAGEPOINT FINANCIAL
Gary Donovan and Sagepoint Financial
Have you lost money with financial advisor Gary Donovan of Newark, Ohio? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Gary E. Donovan. FINRA barred Donovan from the securities industry regarding allegations that he knew or should have known that he was facilitating market manipulation of a stock called Mix 1 Life, Inc. (“MIXX”).
According to FINRA’s allegations, Gary Donovan placed 180 orders to purchase Mix 1 Life for his clients’ accounts, between August 2014 and May 2015. Donovan made the purchases based on representations made by the stock promoter of Mix 1 Life, Inc., who Donovan had nearly daily contact with. It was also alleged that Donovan placed 100 limit orders that were matched in amount and price with recently placed sell limit orders, which were frequently priced above the market and had the effect of stabilizing the market price around $6.00 per share. After Donovan stopped dealing MIXX, the price fell to less than $1.00 per share.
Gary Donovan was a financial advisor and registered representative of Sagepoint Financial, Inc. from 2005 to January 2016. He worked at a branch office in Newark, Ohio.
Brokerage firms like Sagepoint Financial 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.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. 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, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities AmGarya, National Securities Corp., and many others.
Click to view: Donovan FINRA AWC
Click to view: Donovan BrokerCheck 5.31.16
HAVE YOU LOST MONEY WITH GARY DONOVAN OR SAGEPOINT FINANCIAL?
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