Mercer Hicks, of Charlotte’s Southeast Investments, Inc., Allegedly Made Potential Unsuitable Recommendations in Violation of FINRA Rules

Mercer Hicks, of Charlotte’s Southeast Investments, Inc., reportedly fell under the guise of a FINRA preliminary determination to recommend that disciplinary action be brought against Hicks for potential alleged unsuitable recommendations, according to Documents from a FINRA Investigation under review by investor rights attorney Alan Rosca.

The aforementioned Complaint was filed on July 1, 2019, FINRA states.

Mercer Hicks is also known as Mercer Hicks III, Toby Mercer Hicks III, and Toby Hicks III, FINRA states.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Mercer Hicks’ alleged unsuitable recommendations. Investors who believe they may have lost money in activity related to Mercer Hicks’ alleged unsuitable recommendations are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Mercer Hicks Has Faced Several Tax Liens, & Was Discharged by Capital Investment Group, Inc.  

Mercer Hicks was also the subject of two judgement tax lien actions in the amount of $10,921.27, and $1,300.99, respectively, according to a FINRA report filed on August 22, 2017.

In both Actions, Hicks made a comment that it was an IRS deferred collection action, FINRA states.

Mercer Hicks was also the subject of a third judgement/lien of a civil nature in the amount of $6,267.21, FINRA notes. Hicks made the following comment regarding the case:

I have disputed faulty repair plumbing job in June, 2013.

Mercer Hicks was also terminated by Capital Investment Group, Inc. following allegations that he misrepresented himself as a client in a dealing with an insurance company in violation of firm policy and industry standards, according to an Employment Separation after Allegations Dispute filed on April 11, 2014. 

Hicks made the following comment regarding the case:

Client was written notarized letter indicating that I acted on his orders.

Mercer Hicks was also a subject of a tax judgment tax lien in the amount of $2,991.00, FINRA notes. Said Dispute was filed on January 21, 2010, FINRA reports.

Mercer Hicks, Who Has Spent 47 Years in the Securities Industry, Was Permitted to Resign by Cantella & Co., Inc.

Mercer Hicks was allegedly permitted to resign by Cantella & Co., Inc., according to an Employment Separation After Allegations Form filed on April 1, 2009, FINRA notes.

The form alleges that Hicks allegedly submitted signed variable annuity contract to the home office for approval, and that the contracts were for a husband and wife, FINRA states.

FINRA further states that, during the principal review process, Cantella found that the applications contained some incorrect fees, and FINRA asked Hicks to input the corrected fees and then have the clients initial each change, FINRA notes, and contained some incorrect fees.

Upon receipt of the initialed forms and a subsequent phone call to the clients, it was determined that Hicks, not the clients, had initialed the forms, and this was then reconfirmed during a phone call with Hicks, FINRA states.

Cantella does not condone Hicks’ behavior does not feel that it was done in a malicious manner or with an intent to harm the clients, and that he showed poor judgement, FINRA notes.

Mercer Hicks has been registered with Southeast Investments in Charlotte, NC since April 25, 2014, and has been registered with the following firms:

  • Capital Investment Group, Inc., Pinehurst, NC— April 3, 2009 to April 14, 2014
  • Cantella & Co., Inc., Pinehurst, NC— July 24, 2001 to April 1, 2009
  • American Investment Servives, Inc., Oklahoma City, OK— March 18, 1997 to August 17, 2001 (FINRA expelled the firm on February 13, 2003)
  • Robert Thomas Securities, Inc, St. Petersburg, FL— October 14, 1993 to March 14, 1997

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 mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Mercer Hicks’ alleged unsuitable recommendations. The firm takes most cases of this type on a contingency fee basis and advance 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, and 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 Mercer Hicks’ alleged unsuitable recommendations may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

filed under: Investigations

Tags: , , , ,

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 cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.