A North Carolina based broker Robert Luley Jr. has been the subject of multiple customer dispute disclosures making allegations of unsuitable investment recommendations and misrepresentation, among others, according to an investigation by attorney Alan Rosca.
Investor lawyer Alan Rosca, of the Rosca Scarlato LLC law firm is investigating conducts related to the customer dispute disclosures concerning broker Robert Leo Luley on the allegations of unsuitable investment recommendations and misrepresentation among others.
Robert Luley Jr. is currently registered with two Financial Industry Regulatory Authority (FINRA) member firms. He has been registered with Pruco Securities LLC since May 2020 and he has also been registered with Prudential Financial Planning Services since June 2020. Prior to this, he was in the employment of Madison Avenue Securities, LLC, a South Carolina based FINRA member firm.
Concerned about investments with
Robert Luley Has Been the Subject of Multiple Customer Dispute Disclosures
Investor lawyer Alan Rosca reviewed publicly available information and found that broker Robert Luley has been the subject of two customer disputes between the period of April 2020 and October 2020.
According to the information on his FINRA brokercheck page, a customer dispute disclosure was filed in July, 2020. The client alleged unsuitable investment recommendations in connection to GPB investments made in January 2018, while Luley was registered with Madison Avenue Securities. The client has requested $70,000 in damages from the broker.
Another customer dispute disclosure was made in April 2020 on similar allegations. The client also alleged failure to conduct due diligence, recommendations of unsuitable investments, over concentration of their portfolio,misrepresentations and violation of FINRA regulations on the sale of alternative investments identified as GPB and BDCA. The client in this dispute also opened their accounts in 2014.
In addition, the Brokercheck for Luley reports four customer disputes that settled as of the date of this article. In October 2020, a customer alleged unsuitability of alternative investments. The customer requested $150,000 in alleged damages and settled for $66,180.
Another customer dispute disclosure filed in October 2020, alleged the unsuitability of GPB Automotive investments. The customer alleged $100,000 in damages and agreed to a settlement to the tune of $101,732.
In August 2020, a customer also alleged the unsuitability of the GPB Automotive investments, which ended in a $59.015 settlement, while a dispute filed in June 2020 with allegation of unsuitable recommendations, overconcentration and misrepresentation settled for $132,535.
Concerned about investments with
Central to the pending customer disputes mentioned above is the GPB alternative investments. Alternative investments could be said to be other types of investments outside the conventional stock or bond related securities.
The GPB Portfolios of Investments are owned by GPB Capital Holdings, a New York based Company. The GPB investments which have been alleged to be similar to a Ponzi scheme have been the subject of various investigations from state and federal regulatory authorities. The GPB investments which is alleged to be worth over $1.8 billion are invested across a wide range of cash generating sectors including waste management, automobile, retail, technology enabled services and healthcare.
The investor lawyers of Rosca Scarlato LLC law firm currently represent investors in a class action lawsuit instituted against GPB Capital Holdings.
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.
Securities Lawyer Investigating Allegations Against Broker Robert Luley
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 broker Robert Luley Jr.’s customer dispute disclosures on the allegations of unsuitable investment recommendations.
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 believe they lost money as a result of conducts related to Robert Leo Luley Jr.’s customer dispute disclosures on the allegations of unsuitable investment recommendations, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.