Articles Posted in Sandlapper Securities

A FINRA customer complaint involving Dempsey Lord Smith broker Raymond Sun alleges elder financial abuse as defined by the Welfare and Institutions Code under California law. The claim seeks $1.2 million in damages, including $900,000 in punitive damages. The claim, which was filed on August 28, 2020, is related to Sun’s previous association with Sandlapper Securities, LLC.

FINRA expelled Sandlapper Securities, LLC from the securities industry in June 2020.

Iorio Altamirano LLP is currently investigating claims on behalf of defrauded investors who were victims of the GPB funds scheme. GPB Capital sold unregistered and high commission limited partnership interests in eight alternative-asset investment funds. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, both Sandlapper Securities, LLC, and Dempsey Lord Smith, LLC likely received sales compensation for selling the GPB funds to retail investors.

In an arbitration award published by FINRA on April 21, 2021, Sandlapper Securities, LLC was ordered to pay damages to a Claimant over her losses in the GPB Automobile Portfolio fund.

Sandlapper Securities, LLC and former firm broker James Dwight McPherson were held jointly and severally liable for violating the Florida Securities and Investor Protection Act. The arbitration panel awarded the Claimant a total of $125,000 in compensatory damages and attorneys’ fees, plus interest. Sandlapper Securities, LLC is solely liable for $100,000 of the award.

The hearing was based in Boca Raton, Florida, and was conducted by videoconference.

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