Guilford Nergard Investigaton
November 2021- Phoenix, AZ
According to publicly available records, Guilford Nergard, a currently unregistered financial advisor who previously was employed by Raymond James discloses a regulatory event , 4 prior customer disputes, a currently pending customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March of 2021, the Arizona Corporation Commission Securities Division alleged that Nergard made discretionary trades for his clients without proper authorization. Sanctions ordered were a three month suspension and a $2,500 fine levied against Nergard individually.
Between 2004 and 2008, two Citigroup Global customers alleged among other things that a complaint arose out of the sale of an Auction Rate Security (ARS) that was made prior to widespread liquidity in the ARS market, unsuitability, unauthorized trading, breach of fiduciary duty and misrepresentation. The cases were settled for over $63,000 collectively.
In May of 2021, a Raymond James customer alleged poor performance due to the mismanagement of accounts by Nergard and is seeking damages of $37,011. The case is still pending.
In October of 2020, a Raymond James customer alleged unauthorized trading and excessive trading and is seeking damages of $158,433.90. This case is still pending.
In November of 2020, Nergard was discharged from employment with Raymond James after allegations of violation of Firm policy that he did not obtain firm approval prior to executing trades that exceeded the use of time discretion in non-discretionary advisory accounts.
Nergard was employed with Newbridge Securities Corporation from November of 2020 until July of 2021. Prior to that he was with Raymond James from 5/2013-12/2020. He discloses a business affiliation with Nergard Wealth Management in Phoenix, AZ.
If you have losses in an account handled by Guilford Nergard, call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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