Gerald Roger Dewes, formerly of Cadaret, Grant & Co. in Erie Country, New York, was permanently barred by FINRA yesterday. Dewes failed to comply with FINRA’s investigation into his potential undisclosed private securities transactions and outside business activities.
On November 18, 2019, Dewes was terminated from Cadaret for, according to the firm, soliciting firm customers to invest in a company called Elite Roasters, Inc, an investment that firm had not approved for sale. Dewes is allegedly an officer and a director of Elite Roasters, Inc.
Dewes has been the subject of three customer complaints – one of which is currently pending. The newest complaint alleges that the customer had not heard from Dewes, who had made repeated promises to the customer of 10% returns. According to public records, Dewes also has two substantial tax liens against him, totaling more than $80,000.
The allegations against Dewes are serious and violate many industry rules and standards of conduct. Brokers cannot conceal or fail to disclose conflicts of interest to their customers. They cannot sell unapproved investments to customers or otherwise engage in unapproved outside business activities.
When an individual broker acts in an unlawful manner against the interests of the client and that client suffers damages as a result, the firm may be held liable for the investor’s losses because of what is known as “failure to supervise.”
If you invested with Gerald Roger Dewes and lost money as a result, we are ready to speak with you about your legal options. All of our cases are handled on a contingency fee basis, and we never charge for a case evaluation. Give us a call to speak to an attorney today.