Investor Sues Madison Avenue For Inappropriate REIT Recommendations
James Andrew Geake (also known as Jim Geake) of Skokie Illinois and Schaumburg Illinois a stockbroker currently employed by Madison Avenue Securities LLC is referenced in a customer initiated investment related arbitration claim which was settled for $12,500.00 in damages founded on allegations that the customer suffered unwarranted losses on alternative investments including real estate securities while Geake was associated with Madison Avenue Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00310 (Apr. 25, 2019).
FINRA Public Disclosure reveals that Geake is referenced in two customer initiated investment related disputes pertaining to accusations of Geake’s misconduct during the time that he was associated with American General Securities Incorporated and Madison Avenue Securities. Particularly, a customer initiated investment related complaint was settled to resolve allegations that while Geake was associated with American General, Geake churned the customer’s account and placed the customer in bad investments.
On February 14, 2017, another customer filed an investment related complaint concerning Geake’s activities in which the customer requested $347,083.00 in damages based upon allegations that the customer was placed into equity indexed annuities that were not suitable; and the customer was sold the annuities by Geake primarily for him to generate a bonus. Thereafter, on March 1, 2017, a customer initiated investment related arbitration claim involving Geake’s conduct was settled for $60,000.00 in damages supported by accusations that the customer was inappropriately advised to liquidate an annuity to buy alternative investments including real estate security and oil and gas product; the customer’s investment account had been mismanaged; the customer’s investment contract was breached; and Madison Avenue Securities LLC failed to supervise Geake’s trading practices resulting in the customer’s losses. FINRA Arbitration No. 15-02951 (Mar. 1, 2017).
Another customer filed an initiated investment related arbitration claim concerning Geake’s conduct where the customer sought unspecified damages founded on accusations that false or misleading statements had been made to the customer concerning a fixed income annuity and real estate security purchased by the customer; and the customer was sold investments that were not suitable given the customer’s objectives for investing or risk tolerance. FINRA Arbitration No. 2018-01432 (Apr. 27, 2018). Further, on October 8, 2018, a customer initiated investment related written complaint involving Geake’s activities was resolved for $14,900.00 in damages supported by allegations of the customer being placed into bad real estate investments.
Geake has been registered with Madison Avenue Securities LLC as of November 22, 2006.