Can you recover losses due to recommendations by Cape Securities Inc. broker Samuel Phillips, Jr. (CRD# 2239471)? He has been registered with Cape Securities Inc. and Cape Investment Advisory, Inc. in McDonough, Georgia, since 2016. Previously, he was registered with American Global Wealth Management, Inc. in McDonough, Georgia, from 2020 to 2021, and with Ameritas Investment Corp. in Covington, Georgia, from 2004 to 2016.
Samuel Phillips, Jr. Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
January 2023. “In January 2020, client exchanged investment real estate for shares in a 1031 DST Exchange issue known as NP Skyloft DST. The client alleges that it was an unsuitable investment due failure of respondent to conduct reasonable due diligence leading to false statements and misrepresentation of product.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was regarding direct investments, real estate securities, and 1031 DST Exchange, and it took place while he was registered with Cape Securities Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cape Securities Inc. may be liable for investment or other losses suffered by Samuel Phillips, Jr.’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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