Stockbroker Donnie Eugene Ingram (CRD# 1416971), formerly of Investors Capital Corporation of Winter Haven, Fla. is under investigation for several possible instances of unsuitable investment recommendations for clients between 2012 and 2016.
Since July 2016, Ingram has been employed by and registered with Centaurus Financial, Inc., based in Anaheim, Calif. with a branch office located in Winter Haven, Fla. He is licensed to operate through this employer in six states: Florida, Georgia, Louisiana, New Jersey, New York, and West Virginia.
All eight customer complaints against Ingram making unsuitable investment recommendations occurred during the time period he worked for Investors Capital Corporation from 1997 to 2016. According to the rules of the Financial Industry Regulatory Industry (FINRA), an employing firm may be liable for the misconduct of a stockbroker registered with them, due to a lack of supervision.
Of the eight unsuitable investment recommendation complaints against Ingram, five remain pending, two have settled, and one case has been denied. Here is a brief outline with the most recent complaints listed first:
What are Unsuitable Investment Recommendations?
Every person that invests is an individual with a different financial history. Each person has varying levels of tolerance for risk-taking when it comes to money. Different customers may be in different stages of their lives, which can make a huge difference when it comes to financial goals.
It is the responsibility of the licensed stockbroker, according to Rule 405 of the New York Stock Exchange, to ascertain and know the history, tolerance for risk, and ability to absorb financial loss of each of their clients. Stockbrokers that fail to assess all the above before matching them with an investment are said to be making unsuitable investment recommendations.
If you think you have suffered financial losses because of Donnie Eugene Ingram, you may benefit from a free consultation with one of our investment fraud lawyers at Meyer Wilson. Our securities arbitration lawyers are experienced with approximately cases and can offer guidance.