Dana M. Hawkins is a Lexington, South Carolina based registered broker and investment adviser with the South Carolina brokerage firm Centaurus Financial Inc. Dana Hawkins is the subject of various customer dispute disclosures filed on the allegation of unsuitable investment recommendations, according to an investigation by attorney Alan Rosca.
Securities attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating conduct related to the multiple customer dispute disclosures involving the Centaurus broker, Dana Hawkins on the allegations of unsuitable investment recommendations.
Centaurus Financial Inc. is a Financial Industry Regulatory Authority (FINRA) member firm. At the time of this investigation, Dana Hawkins is still a member of the firm.
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Broker Dana Hawkins Was the Subject of Multiple Customer Dispute Disclosures
Between September 2018 and April 2020, Dana Hawkins had over ten customer dispute disclosures instituted primarily on the recommendation of unsuitable investments, according to the investigation of public records by the Rosca Scarlato securities lawyers.
As further revealed by the investigation, according to the broker’s FINRA Brokercheck report, the client alleged that their investments were inappropriate and unsuitable based on their investment objectives according to a dispute initiated in September 2018. In that dispute the client seeks to recover $150,000 in damages.
Also in December 2018, another customer alleged unsuitable investment and other allegations associated with it. The client sought $336,330 and the dispute was settled for $60,000.
In February 2019, Dana Hawkins was involved in a customer dispute on the same allegations. The client alleged unsuitable investment and other similar allegations from 2013 to early 2019. The client sought $253,757 in damages but the dispute was eventually settled for $12,000.
In another dispute in August 2019, a client sought $50,000 in damages on the similar allegation of investment in unsuitable, complex, high-risk, speculative and illiquid investments and the breach of fiduciary duty to the client and the settlement accepted being $8,000.
Further in September, another client sought $100,000 in damages on the same allegations and the settlement amount accepted $55,000.
Further revealed by the brokercheck report, in February 2020, another client instituted a customer dispute on the allegation that from 2011 to February 2020, the broker invested their account in unsuitable investments and breached his fiduciary duty. As a result of this, the client is seeking to recover $100,000 in damages.
Later in the same month, another client is claiming $171,000 in damages ain a customer dispute arising out of the allegation that from 2011 to 2018 the broker engaged in similar alleged misconduct and breached his fiduciary duty.
The latest customer dispute disclosure was initiated in April 2020. The client also alleged that the registered representative misrepresented unsuitable investments and breached his fiduciary duty. Owing from this allegation, the client is seeking to recover $100,000 in damages.
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Broker misconduct of this kind is considered to be quite detrimental to investors. Generally, the broker has a duty to protect the interest of the client and investor in the financial market.
The broker has a duty to recommend the right kind of viable investments to the investors. They are expected to make this recommendation putting into consideration the client’s instructions and financial needs. The broker is expected to make investment recommendations that would suit the client’s risk profile, age, liquidity needs, tax status among others.
In addition to making the recommendation, the broker is also expected to ensure that the client understands the recommendations. Where the broker breaches this duty and makes an unsuitable investment recommendation, he can be held liable for the loss arising out of such recommendation and for further damages as may have arisen.
All these are general considerations, not necessarily applicable to any one case, and do not constitute legal advice. Investors looking for legal advice for their particular situation should contact a qualified lawyer and discuss about the facts applicable to their specific case.
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 Lawyers Investigate Potential Options on Behalf of Dana Hawkins Investors
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 Dana Hawkins’s multiple customer dispute disclosures on the allegation 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 broker Dana Matthew Hawkins’s multiple customer dispute disclosures on the allegation of unsuitable investment recommendation 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.
