Madison Avenue Securities Sued For Misrepresentation
James Andrew Geake (also known as Jim Geake) of Skokie Illinois a stockbroker employed by Madison Avenue Securities LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $17,500.00 in damages founded on accusations that (1) misrepresentations were made to the Madison Avenue Securities customer concerning real estate securities and direct investments sold by Geake (2) Geake’s alternative investment sales were unsuitable for the customer and (3) a fiduciary duty was breached by Geake and (4) Geake’s negligence resulted in the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01258 (July 2, 2019).
FINRA Public Disclosure indicates that Geake is the subject of seven more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Madison Avenue Securities.
On March 1, 2017, a customer initiated investment related arbitration claim pertaining to Geake was settled for $60,000.00 in damages supported by allegations that the customer incurred poor performance because of securities transactions effected by Geake at Madison Avenue Securities. FINRA Arbitration No. 15-02951. According to the claim, the customer was required to pay unreasonable surrender charges in liquidating annuities to purchase alternative investments at Geake’s direction. There was allegedly a breach of both a contract and a fiduciary duty by Geake relating to those transactions. The claim also alleges that Geake’s investment recommendations failed to be suitable and that his activities lacked supervision by Madison Avenue Securities.
Geake is also referenced in a customer initiated investment related complaint which was resolved on October 8, 2018 for $14,900.00 in damages based upon accusations of an inappropriate real estate security being sold to the Madison Avenue Securities customer by Geake. On April 25, 2019, another customer initiated investment related arbitration claim involving Geake’s conduct was settled for $12,500.00 in damages based upon allegations of Geake selling the customer inappropriate investments which poorly performed. FINRA Arbitration No. 19-00310.
Geake is also referenced in a customer initiated investment related arbitration claim which was resolved for $155,000.00 in damages founded on accusations that a contract pertaining to the customer’s investments was breached. FINRA Arbitration No. 18-01432 (June 7, 2019). Misrepresentations were allegedly made about insurance and real estate security transactions effected by Geake when he was registered with Madison Avenue Securities.
Geake has been registered with Madison Avenue Securities since November 22, 2006.