Money Concepts Capital Corp Sued For Negligence
Craig Alan Sutherland of Columbus Ohio a stockbroker registered with Money Concepts Capital Corp is the subject of a customer initiated investment related arbitration claim in which an Arbitration Panel ordered Money Concepts Capital Corp to pay the customer $698,979.00 in compensatory damages based on finding the firm liable on the customer’s claims including (1) breach of fiduciary duty (2) breach of contract (3) failure to conduct due diligence (4) negligence (5) failure to supervise (6) suitability and (7) violation of Ohio Securities Act. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-00575 (Mar. 13, 2019).
According to the Award, Sutherland exercised discretion in the customer’s account and made false or misleading statements concerning a publicly-traded mineral company, Tanzanian Royalty Exploration Corporation (TRX); multiple gold funds; and a NGAS Partners 2009-A private placement. The customer also stated that six variable annuities had been inappropriately allocated causing the customer to incur losses.
FINRA Public Disclosure confirms that Sutherland is referenced in nine more customer initiated investment related disputes containing allegations of his misconduct during the period in which he was employed by Money Concepts Capital Corp . In fact, a customer filed an investment related arbitration claim involving Sutherland’s conduct in which the customer requested $400,000.00 in damages founded on accusations that due diligence was not executed on investments; the customer’s account had been handled with poor care; real estate security and equity positions were not appropriate for the customer; and Money Concepts Capital Corp failed to supervise Sutherland’s activities. FINRA Arbitration No. 18-00696 (Feb. 22, 2018).
Sutherland is also referenced in a customer initiated investment related arbitration claim where the customer sought $100,000.00 in damages based upon allegations that over-the-counter equities and variable annuity purchases failed to be supervised the firm; transactions executed in the customer’s account were unsuitable; the customer’s account was administered negligently; and transactions ran afoul of industry rules. FINRA Arbitration No. 18-00934 (Mar. 8, 2018). Another customer filed an investment related arbitration claim concerning Sutherland’s activities in which the customer requested $275,000.00 in damages supported by accusations of failure to supervise; failure to conduct due diligence; negligence; and unsuitability relating to the customer’s common and preferred stock, annuity and real estate security purchases. FINRA Arbitration No. 18-02229 (July 5, 2018).
FINRA Public Disclosure also reveals that Sutherland has been subject of multiple disciplinary actions. He was fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings of him, inter alia: making unwarranted, exaggerated and inaccurate statements concerning investments. Letter of Acceptance Waiver and Consent No. 2016049804101 (Dec. 26, 2017). FINRA found Sutherland’s statements concerning the debts of an investment issuer to be misleading and inaccurate; conduct violative of FINRA Rules 2010 and 2210(d)(1)(B).
Sutherland is also subject of a disciplinary action brought by the State of Ohio Division of Securities where the Division alleged that Sutherland was referenced in at least five customer disputes resulting in monetary rewards or settlements; and that Sutherland sold customers unsuitable non-traded real estate investment trusts violating Ohio Administrative Code. Case No. 17-018 (July 17, 2018). Another disciplinary action brought by State of Ohio Division of Securities alleged that Sutherland has been referenced in additional disputes and that he made exaggerated or false statements concerning securities. Case No. 18-019 (June 15, 2018).
Sutherland has been registered with Money Concepts Capital Corp since May 11, 1994.