SagePoint Sued For Defective Investment Advice
Christopher R. Bice (also known as Cubby Bice) of Greensboro North Carolina a stockbroker currently registered with SagePoint Financial Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $1,000,000.00 in damages supported by accusations that (1) false or misleading statements had been made by the stockbroker (2) the customer’s assets were over-concentrated in inappropriate investments (3) bad investment advice was provided by Bice and (4) SagePoint failed to supervise Bice’s activities in the customer’s account which led the customer to experience losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03861 (Nov. 12, 2018).
FINRA Public Disclosure reveals that Bice is referenced in two more customer initiated investment related disputes that concern allegations of his violative conduct while employed with SagePoint Financial. Specifically, Bice is the subject of a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages founded on accusations that the customer was placed in a real estate security which failed to be appropriate given the customer’s risk tolerance, objectives or overall circumstances. FINRA Arbitration No. 16-02268 (Jan. 4, 2017).
Another customer filed an investment related arbitration claim involving Bice’s activities where the customer sought $750,000.00 in damages based upon allegations of the lack of diversification in the customer’s account; unsuitable investment recommendations by the stockbroker; false or misleading statements about real estate security and annuity products; and a lack of supervision by SagePoint Financial. FINRA Arbitration No. 18-03592 (Oct. 15, 2018).
FINRA Public Disclosure also shows that Bice was discharged by prior securities broker dealer, UBS, supported by accusations of the stockbroker engaging in unauthorized transactions.