Noel Ray Vincent, a previously registered broker and previously registered investment adviser, is the subject of multiple customer disputes initiated on the allegations of unsuitable investment recommendations among others according to an investigation by attorney Alan Rosca.
Investor attorney Alan Rosca of Rosca Scarlato LLC law firm is investigating conduct related to the multiple customer dispute disclosures involving former broker Noel Vincent on the allegations of unsuitable investment recommendations. Investors who are concerned they suffered losses as a result of the alleged unsuitability allegations may contact attorney Rosca by calling 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this page.
Between June 2018 and August 2018, Noel R. Vincent was previously in the employment Ele Wealth Advisors, in Southfield, Michigan. Prior to this, he was registered with Madison Avenue Securities, in Houston, Texas, between November 2009 and April 2018.
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Noel Ray Vincent Is the Subject of Multiple Customer Dispute Disclosures
Vincent’s FINRA Brokercheck Report under review by investment fraud attorney Alan Rosca indicates that as of the date of this article broker Noel Vincent is the subject of several customer dispute disclosures filed between January 2017 and September 2020.
The most recent customer dispute was initiated on September 2020 on the allegation of unsuitable alternative investments, including GPB. The client is seeking to recover $300,000 in damages.
Another customer dispute was initiated in August 2020 alleging unsuitable Direct Participation Programs (DPP) investments and Real Estate Investment Trusts (REIT) investments. The client is seeking to recover $500,000 in damages.
A separate dispute was initiated in July 2020. The dispute alleges unsuitable investment recommendations in connection with the recommendation of the GPB investments made in 2015. The client in this dispute is requesting $200,000 in damages.
In a dispute instituted in July 2019, a customer is alleging recommendation of unsuitable investments and misrepresentations caused $100,000 in alleged damages.
In February 2018, a customer filed a FINRA arbitration alleging recommendstions of alternative investments such as mutual funds, real estate securities, BDCs, equipment leasing, among others. The customer alleged issues with suitability of such alternative investments and requested $295,000 in alleged damages.
One of the earlier customer dispute disclosures was filed in January 2017 alleging negligence, misrepresentation, omission and breach of fiduciary duty while recommending alternative investments between 2005 and 2008. The alleged damages amount to $500,000 and reportedly involve insurance and oil & gas investment products.
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12 Customer Disputes Disclosures Involving Former Broker Noel Vincent Are Reported As Settled
As of the date of this article, the Brokercheck report for Noel Vincent shows a dozen customer disputes that ended in a settlement.
Filed in July 2o2o, a customer dispute alleged unsuitability of investments in UDF IV while Vincent was registered with Madison Avenue Securities. The client reportedly invested $47,500 in UDF IV and in December 2020 agreed to a settlement to the tune of $39,998.
In a dispute initiated in April 2020 on different allegations, another client was seeking to recover $400,000 in damages and settled in November 2020 for $135,520.72. The dispute was initiated on the allegations of failure to conduct due diligence on several points, unsuitable investment recommendations, and overconcentration in the sale of alternative investments.
According to the Brokercheck report, another client filed a dispute in May 2019 seeking to recover unspecified amount of alleged damages for allegations of unsuitable investment recommendations. The dispute was reportedly resolved in July 2020 with a settlement to the tune of $65,000.
Noel Ray Vincent was also involved in a customer dispute requesting damages between $100,000 and $500,000 caused by alleged fraudulent concealment, common fraud, and negligent representations, among others. The alleged misconduct involved Oil & Gas investments as well as real estate securities and resolved in December 2019 in a $35,000 settlement.
A dispute on similar allegations was filed in October 2018. The customer alleged $100,000 in damages and agreed to a settlement of $72,000.
In a 2017 FINRA case, the customers alleged misrepresentation and unsuitable investment recommendations while Noel Ray Vincent was with Madison Avenue Securities, for which the client requested $100,000. This dispute reportedly settled in September 2019 for $125,000.
In another FINRA case filed in August 2017, the customer questioned the suitability of alternative investments. The customer requested $50,000 in alleged damages and accepted $24,000 to settle the matter.
$35,000 was the settlement amount paid in a case filed by a customer a few days prior, after the customer made similar allegations with respect to a real estate security investment.
In March 2017, Noel Ray Vincent was the subject of a customer complaint alleging inadequate due diligence, negligent misrepresentation, and omission of material facts in connection to investments in United Development Funding III and IV. While the customer alleged his damages amounted to $75,000, in January 2018 the dispute resolved in a settlement to the tune of $19,000.
In February 2015, a customer challenged the suitability of a series of investments recommended between 2006 and 2009. The investments involved oil & gas and real estate securities and the alleged damages amounted to $413,000. The dispute concluded in May 2016 with a $125,000 settlement, of which $25,000 reportedly represented Vincent’s individual contribution to the settlement.
The suitability of oil & gas and real estate investments was also brought up in a customer dispute filed in August 2013. The customer requested $190,000 in alleged damages, and one year later agreed to a settlement to the tune of $26,331.
An earlier customer dispute reported on Noel Ray Vincent‘s brokercheck was filed in April 2013 on allegations of suitability concerns involving alternative investments. The alleged damages amounted to $638,000, but in September 2014 the customer agreed to a $87,568 settlement.
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 Attorneys Investigating
The investor attorneys of the Rosca Scarlato LLC law firm advise and represent investors who are victims of broker or investment-related fraud and other misconducts and are currently investigating Noel Vincent in the wake of multiple pending customer dispute disclosures bringing allegations of unsuitable investment recommendations, among others.
It is important to note that 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 concerned about their investments with Noel Ray Vincent 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.
