Last Updated: December 2023 (Northbrook, Illinois)
David Geake Investigation Summary
Here’s what you need to know about Northbrook, IL, stockbroker David Geake:
- Name: Mr. David Richard Geake
- Current Employer: FINRA has barred David Geake from acting as a broker or otherwise associating with a broker-dealer firm.
- Previous Firms: American Trust Investment Services, Ausdal Financial Partners, Madison Avenue Securities
- Function: Stock Broker/ Financial Advisor
- Aliases: David Geake
- Primary Location: Northbrook, IL
- CRD 3088891
- Can David Geake be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Highest Settlement or Award: $560,000
- Numerous Pending Customer Disputes Seek Damages in excess of $5 million
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With David Geake As Your Stockbroker?
David Geake was permanently barred by FINRA in 7/2023 to resolve allegations that he participated in a private securities transaction without the permission of his member firm by soliciting elderly investors to pledge $15 million of securities to guarantee a $2.5 million loan from a bank on behalf of a startup company. Geake assured the couple that their risk was minimal and he structured the transaction and facilitated the preparation of the paperwork. The startup company defaulted on the loan and the elderly couple were required to repay the $2.5 million loan, plus interest.
Information on Elder Financial Abuse
David Geake discloses 18 prior settled customer disputes and 19 currently pending customer disputes. Nearly all of these claims relate to recommendations to invest in GWG L-Bonds a publicly traded financial company that sold life insurance products and alternative investments. GWG advised investors in L-Bonds that it was suspending dividends and redemptions in February 2022. In April 2022 two of GWG’s subsidiaries filed Chapter 11 bankruptcy. Nasdaq delisted the common stock of GWG in 2022.
GWG L-Bonds were touted as being a safe and secure investment for retirees seeking a dependable income stream. In reality GWG L-Bonds were risk investments only suitable for sophisticated investors willing to accept high risk.
Ausdal Financial Partners permitted Geake to resign in 9/2018 for engaging in the private securities discussed above. Geake then went to work at American Trust Investment Services where he was until 5/2023, just prior to being barred by FINRA.
How to recover losses on GWG Bonds-UPDATE
Overwhelmed by GWG Losses Some Broker Dealers Are Shutting Down
See this for other investigations involving GWG Bonds
Allegations of Broker Misconduct Against David Geake
Customers of David Geake have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in GWG L-Bonds
- Participated in a private securities transaction not sanctioned or approved by his member firm
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
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.
Recover Your Investment Losses Now With Rex Securities Law
See this for more information on REITs and Other Alternative Investments
If you have suffered investment losses in an account handled by David Geake, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
