The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about EFG Capital Int'l broker Richard J. Daugherty to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Daugherty has been registered in the securities industry since 1997 with one brokerage firm, EFG Capital International. During that period, the FINRA BrokerCheck report indicates that Mr. Daugherty has been the subject of 7 Customer Disputes, two of which were pending as of August 18, 2016.
One customer dispute was settled as a stipulated arbitration award for over $441,000. Another customer dispute with allegations of fraud and breach of fiduciary duty has supposedly settled for $271,000. Three customer disputes were supposedly rejected by the brokerage firm and supposedly no further action was taken by the customers. There were two pending arbitrations reportedly filed against Mr. Daugherty for unsuitable investments in a Cayman Island bank while he was employed at EFG Capital Int'l. We believe that Mr. Daugherty employer may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Daugherty contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.