Investor Alert > Broker Lorraine Gallette and Former Broker Ray Gallette Are the Subjects of Unsuitable Investment Recommendation Allegations
Posted Dec 15, 2020
by Alan Rosca

Broker Lorraine Gallette and Former Broker Ray Gallette Are the Subjects of Unsuitable Investment Recommendation Allegations

broker Lorraine GalletteLorraine Marie Gallette and Ray Don Gallette were the subjects in two cases filed with FINRA against Coastal Equities alleging that the Colorado Springs broker dealer failed to conduct adequate due diligence on real estate and direct investments. Both claims also alleged that the firm, through registered broker Lorraine Gallette and formerly registered broker Ray Gallette, allegedly made unsuitable investment recommendations to claimants, according to FINRA records under review by attorney Alan Rosca.

Investor rights attorney Alan Rosca and his colleagues at the Rosca Scarlato LLC law firm are investigating the alleged broker misconduct of Lorraine Gallette and Ray Gallette regarding allegations of failure to conduct due diligence and unsuitable investment recommendation to clients. Gallette investors who are concerned about their investments are encouraged to contact investor rights attorney, Alan Rosca for a free case evaluation and discussion of their options, or to provide useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

Two Customer Dispute Disclosures Related to Lorraine Gallette and Ray Gallette Request $800,000 in Alleged Damages

One customer dispute dsiclosure filed on September 1, 2020 alleges between 2016 and 2020, Coastal Equities failed to conduct adequate due diligence on certain investments and Coastal representative Lorraine Gallette made unsuitable investment recommendations to the claimants, according to her FINRA Brokercheck page.

An identical customer dispute filed on Ray Gallette’s FINRA Brokercheck page alleges between 2016 and 2020, Coastal Equities failed to conduct adequate due diligence on certain investments and Coastal representative Ray Gallette made unsuitable investment recommendations to the claimants.

The claimant is seeking $500,000 for the alleged damages.

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Another customer dispute filed on August 21, 2020 involving both Lorraine Gallette and Ray Gallette alleges between 2013 and 2020 Coastal Equities failed to conduct adequate due diligence on certain investments and Coastal representatives, Lorraine Gallette and Ray Gallette made unsuitable investment recommendations to the claimants.

The claimant is seeking $300,000 for the alleged damages.

Coastal Equities investors who are concerned they have been recommended unsuitable investments by Lorraine Gallette and Ray Don Gallette are encouraged to contact investor rights attorney Alan Rosca for a free case evaluation or discussion of their options. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

Employment History of Lorraine Gallette and Ray Gallette

former broker Ray GalletteBroker Lorraine Gallette has been registered with FINRA for seven years and registered with one employer. She has been registered with Coastal Equities located in El Dorado Springs, Missouri since July 11, 2013 according to her FINRA Brokercheck page.

Former broker Ray Gallette was registered with FINRA for 21 years and switched employers 11 times as reported on this FINRA Brokercheck page:

  • Coastal Equities located in El Dorado Springs, Missouri
    • January 4, 2013 – January 29, 2020
  • Sterling Enterprises Group located in St. Petersburg, Florida
    • June 25, 2010 – September 6, 2012
  • Richfield Orion International located in El Dorado Springs, Missouri
    • January 27, 2010 – June 25, 2010
  • Okoboji Financial Services located in Okoboji, Iowa
    • October 7, 2008 – December 31, 2009
    • FINRA expelled the firm on August 27, 2010
  • Peak Securities Corporation located in El Dorado Springs, Missouri
    • February 2, 2007 – November 5, 2008
  • Brokers International Financial Services located in El Dorado Springs, Missouri
    • October 31, 2006 – February 2, 2007
  • Intersecurities located in El Dorado Springs, Missouri
    • February 6, 2001 – November 8, 2006
  • Multi-Financial Securities Corporation located in Saint Cloud, Minnesota
    • December 5, 2000 – January 26, 2001
  • Packerland Brokerage Services located in Green Bay, Wisconsin
    • September 7, 200 – December 31, 2000
  • Linsco/Private Ledger Corporation located in Fort Mill, South Carolina
    • July 24, 2000 – August 28, 2000
  • Pruco Securities Corporation located in Newark, New Jersey
    • May 14, 1998 – June 26, 2000

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Potential Recovery Options for Gallette Investors

The Rosca Scarlato LLC law firm represents investors who lose money as a result of inadequate due diligence, broker misconduct, or investment-related fraud. We are currently investigating alleged conduct related to broker Lorraine Gallette and former broker Ray Gallette’s customer dispute disclosures on the allegations of failure to conduct adequate due diligence and unsuitable investment recommendations.

The firm takes most cases like this on a contingency fee basis and advances the case costs, we only get paid for the fees and costs out of the money we recover for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of investors who fall victim to their unscrupulous broker’s misconduct and violations of sale practices.

Gallette investors who believe they lost money as a result of broker Lorraine Gallette and former broker Ray Gallette’s customer dispute disclosures on the allegations of failure to conduct adequate due diligence and unsuitable investment recommendations, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.

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DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

Contact us at 888‑998‑0530 or through the contact form on this page.
No recovery, no fees.*

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