Investors File FINRA Arbtration Claims Against First Allied Over Alternative Investments
Douglas Keith Hyer (also known as Doug Hyer) of Great Neck New York a stockbroker currently associated with First Allied Securities Inc. and NEXT Financial Group Inc. has been referenced in a customer initiated investment related arbitration claim which has been settled for $15,000.00 in damages supported by allegations that (1) purchases of real estate securities and equipment leasing products which the stockbroker facilitated were inappropriate because they contained risks beyond that which the customer was willing to take and were inconsistent with the customer’s liquidity needs, net worth and age and (2) the customer sustained unwarranted investment losses because of the stockbroker. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01041 (June 14, 2019).
FINRA Public Disclosure confirms that Hyer has been identified in three more customer initiated investment related disputes concerning accusations of his misconduct during the time that the stockbroker was employed by securities broker dealers that include Linsco Private Ledger Corp, Raymond James Financial Services and Cambridge Investment Research. In particular, a customer filed an investment related complaint concerning Hyer’s activities where the customer sought $7,000.00 in damages founded on accusations that when Hyer was employed by Linsco Private Ledger Corp., mutual funds purchases were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk.
Another customer filed an investment related complaint involving Hyer’s conduct in which the customer requested more than $5,000.00 in estimated damages based upon allegations that when Hyer was associated with Raymond James Financial Services, the stockbroker placed the customer in mutual funds which were not suitable given the customer’s risk tolerance, investment objectives or overall circumstances. Hyer is additionally referenced in a customer initiated investment related arbitration claim which has been resolved for $190,000.00 in damages based upon accusations of mutual fund transactions failing to match the customer’s investment profile, and churning of the customer’s account when Hyer was associated with Cambridge Investment Research Inc.
Hyer has been associated with First Allied Securities since January 31, 2013.