Barred broker Gerald Dewes (also known as Gerald Roger Dewes) is the subject of customer disputes involving allegations of unsuitable investment recommendations, among others. Dewes was most recently registered as a broker with Cadaret, Grant & Co., Inc. before he was barred by FINRA in March 2020 after allegedly failing to appear at an on-the-record testimony requested by FINRA.
Investor rights attorney Alan Rosca and his colleagues, of Rosca Scarlato LLC law firm, are investigating conduct related to broker Gerald Dewes’s reported customer disputes. Investors who are concerned about their investments with Dewes may reach out to attorney Alan Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information. Interested Dewes investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
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Gerald Dewes Is the Subject of Customer Disputes
As of the date of this article, barred broker Gerald Dewes is the subject of a customer dispute filed with FINRA in April 2021 that allegedly may involve more than $5,000 in alleged damages, according to Dewes’s FINRA Brokercheck page. The customer alleges that while he was registered with Cadaret, Grant & Co., Inc., Dewes made unsuitable investment recommendations related to an unapproved private investment. The allegations also include common law fraud, breach of contract, negligent supervision, and breach of fiduciary duty. The customer also alleges that Dewes recommended two OTC stocks through his independent registered investment adviser that were effected through third-party custodian accounts.
Dewes is the subject of another customer dispute filed with FINRA and received in May 2020 that includes allegations of unsuitable investment recommendations, common law fraud, breach of contract, negligent supervision and breach of fiduciary duty. The allegations were made in connection to alleged investments in two unapproved private investments and two equity-OTC securities that were allegedly recommended by Dewes through his independent registered investment adviser and effected through third-party broker-dealer accounts while he was registered with Cadaret, Grant & Co., Inc. The customers involved are requesting alleged damages of $1,710,000.
Dewes Reportedly Involved in A Settled Customer Dispute
Dewes settled another customer dispute in 2004 for $25,500. The customer complaint, made in September 2003, alleged that Dewes traded the client inconsistently from the stated investment objectives and was not adequately supervised by the broker dealer while employed by John Hancock Financial Services between 2000 and 2001. According to Dewes’s Brokercheck report, the alleged damages were $91,166.
Gerald Dewes Barred by FINRA in Connection to An Alleged Outside Business Activity
In March 2020, FINRA barred Dewes from associating with any FINRA member firm in any capacity after he allegedly did not appear for an on-the-record testimony. The testimony was requested by FINRA in relation to its investigation of Dewes’s alleged potential participation in undisclosed private securities transactions and outside business activities (OBAs), according to the Letter of Acceptance, Waiver and Consent. Without admitting or denying the allegations, Gerald Dewes signed the AWC consenting to being barred from securities industries.
In November 2019, Gerald Dewes was discharged from Cadaret, Grant & Co., Inc., after allegedly selling away from the firm by soliciting client investments into an OBA called Elite Roasters Inc., which he controlled. As stated by his Brokercheck page, Dewes was allegedly an officer and director of the OBA and converted funds to his own use.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Investor Rights Attorneys Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to barred broker Gerald Dewes’s allegations of unsuitable investment recommendations, among others.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who are concerned in connection with barred broker Gerald Dewes’s alleged unsuitable investment recommendations, among other allegations, may contact attorney Alan Rosca or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
