IMPORTANT NOTICE TO CUSTOMERS OF BROKER DAVID GEAKE WHO SUFFERED LOSSES IN GWG, MARKETSERVE, AND OTHER INVESTMENTS

Investment Losses with Barred Financial Advisor David Geake? Contact KlaymanToskes Immediately

NEW YORK, NY, UNITED STATES, November 27, 2024 /EINPresswire.com/ -- National investment loss and securities attorneys KlaymanToskes continues investigating barred financial advisor David Geake after his recommendations of GWG L Bonds, MarketServe, and other alternative investments caused two investors to suffer up to $500,000 in damages. The law firm urges all former customers of David Geake who suffered investment losses to contact the firm immediately at 888-997-9956.

KlaymanToskes reports the firm has filed a FINRA arbitration claim (Case no. 24-02492) against Ausdal Financial Partners and Madison Avenue Securities on behalf of a retired couple, who are seeking to recover up to $500,000 in damages, in connection with being recommended to invest in high-risk and illiquid alternative investments by their financial advisor, David Geake (CRD# 3088891).

The alternative investments recommended by Ausdal Financial Partners and Madison Avenue Securities, through financial advisor David Geake, included the following:

- Adageo Energy Partners, LP.,
- American Realty Capital,
- Behringer Harvard,
- GWG L Bonds, and
- Healthcare Hospitality Investors Trust.

In addition to the unsuitable investments listed above, the lawsuit filed by KlaymanToskes alleges David Geake engaged in “selling away” from his brokerage firm through the unapproved sale of MrktServe Holdings, Inc. to the customers. This security was sold in violation of FINRA Rule 3280.

Many of the investments recommended by Geake have since defaulted and/or lost substantial principal and interest. Unbeknownst to the customers, their financial advisor David Geake marked their account forms with an Aggressive Growth and Speculation Risk Tolerance, despite their investment directive of income with little risk. The customers were never advised that these investments were illiquid and that there could be a risk that they could not access their principal investment.

In 2018, David Geake was permitted to resign from Ausdal Financial Partners, Inc., where he worked in Northbrook, IL, following allegations that he engaged in an unreported private security transaction. Geake was then employed with American Trust Investment Services until May 2023. In July 2023, David Geake was permanently barred by FINRA from acting as a stockbroker due to allegations that he solicited two elderly investors to pledge securities as collateral to guarantee a $2.5 million loan for a startup company.

Former customers of David Geake who suffered investment losses at Ausdal Financial Partners Madison Avenue Securities, and/or American Trust Investment Services are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com