In December 2013, Missouri securities regulators censuredSagepoint Financial and ordered the company to pay disgorgement and restitution of $700,000 to resolve claims that Sagepoint failed to reasonably supervise Guy F. Weber, a Missouri-registered agent who engaged in dishonest or unethical practices in violation of Missouri law.
FINRA records indicate that a customer filed an arbitration against Weber seeking damages of $274,477 for fraud, misrepresentation and breach of fiduciary duty. In August 2013, the matter was settled for the full amount of the requested damages.
Brokers have a duty to make suitable recommendations to investors. If you have suffered losses in your brokerage account due to the negligence of fraud of a stockbroker you may be able to recover damages through FINRA arbitration.
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.