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
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 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:
- November 2016. Former customer is seeking $906,353.70 in damages for supposed
unsuitable investments made between 2003 and 2015.
- November 2016. Former client is seeking $222,266.50 in damages for investments
made between 2005 and 2011 that were supposedly unsuitable.
- October 2016. Former client is seeking $230,456.56 in damages for selling
him alleged unsuitable investments.
- August 2016. Former customer alleges unsuitable and over-concentrated investment
and is seeking $308,437.98 in damages with no losses reported.
- May 2016. Former customer is seeking $100,000 in damages for alleged unsuitability
of investments made between 2008 and 2011.
- February 2014. Former customer sought $309,275 in damages for unsuitable
investments and losses.
- August 2012. Former client sought $683,000 in damages for unsuitable investments
and failure to do due diligence.
- June 2012. Former customer sought $500,000 in damages for unsuitable investments.
The case settled in court for $232,500.
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.