Dalton Strategic Advisor Settles for $90,000

Clarence Smith a Dalton Strategic Advisor received two customer complaints, sold unsuitable investments, breached his fiduciary duty, acted negligently, and violated the Michigan Uniform Securities Act
By: Fitapelli Kurta
 
 
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* Dalton Strategic

Industry:
* Finance

Location:
* Dearborn - Michigan - US

Subject:
* Awards

DEARBORN, Mich. - Dec. 10, 2018 - PRLog -- Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 4, 2016 indicate that Michigan-based Securities America broker Clarence Smith has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Smith (CRD# 2939228).

Clarence Smith has spent eighteen years in the securities industry and has been registered with Securities America in Swartz Creek, Michigan since 2014. Previous registrations include Dalton Strategic Investment Services in Swartz Creek, Michigan; National Planning Corporation in Flint, Michigan; and H. Beck in Flint, Michigan. He is a registered broker with two US states: Florida and Michigan.

According to his BrokerCheck (http://brokercheck.finra.org/Individual/Summary/2939228) report, Clarence Smith has received two customer complaints.

In 2015 a customer alleged Clarence Smith, while employed at Dalton Strategic Investments, sold unsuitable (https://www.stopbrokerfraud.com/suitability-important-inf...) investments, breached his fiduciary duty (https://www.stopbrokerfraud.com/breach-of-fiduciary-duty....), acted negligently, and violated the Michigan Uniform Securities Act. The complaint settled in November 2016 for $90,000.

In 2007 a customer alleged Clarence Smith, while employed at H. Beck, recommended he invest in a mutual fund that lost value. The complaint settled for $8,935.

The Michigan Securities Act (http://www.legislature.mi.gov/(S(qdsoxpro2tai4gb4syyefq5i))/mileg.aspx?page=getobject&objectname=mcl-Act-551-of-2008&query=on&highlight=securities) affords investors a wide array of protections against broker fraud, including the right to seek the recovery of lost damages. Investors are also protected by the Corporations, Securities, & Commercial Licensing Bureau, (http://www.michigan.gov/lara/0,4601,7-154-61343---,00.html) although the bureau has no power to represent investors in binding arbitration. Only private securities attorneys are able to do that. The Bureau additionally cannot compel a respondent to return lost funds to an investors; only courts can do that. For these reasons, aggrieved investors should seek the services of an experienced securities attorney if they wish to pursue the recovery of damages.

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***@stopbrokerfraud.com
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Tags:Dalton Strategic
Industry:Finance
Location:Dearborn - Michigan - United States
Subject:Awards
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Page Updated Last on: Jan 05, 2019
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