Madison Avenue Securities Party to Arbitration Alleging Unsuitability

James Andrew Geake, of Skokie, Illinois, a stockbroker currently registered with Madison Avenue Securities, LLC, has been named in a customer initiated investment related arbitration claim, which settled on March 1, 2017, for $60,000.00 in damages based upon allegations that Geake negligently managed the customer’s investments, breached his contractual duties, and made unsuitable investment recommendations to the customer regarding the purchase of alternative investments, which included real estate securities and oil and gas products. The customer further alleged that Madison Avenue Securities LLC failed to supervise Geake’s activities pertaining to the customer’s investment account.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Geake has been identified in three additional customer initiated investment related disputes containing allegations of his misconduct while employed with American General Securities Incorporated and Madison Avenue Securities LLC. Specifically, on July 26, 2004, a customer initiated investment related written complaint involving Geake’s conduct was settled for $5,153.60 in damages based upon allegations that he churned the customer’s 401(k) account, failed to provide the customer with applicable breakpoint discounts for mutual fund investments, and facilitated the purchase of a variable annuity contract which was not suitable for the customer.

Subsequently, on October 10, 2012, a customer filed an investment related written complaint regarding Geake’s activities, where the customer requested $40,000.00 in damages based upon allegations that Geake effected an unsuitable real estate investment trust transaction in the customer’s account. Geake has also been named in a customer initiated investment related written complaint on February 14, 2017, in which the customer requested $347,083.00 in damages based upon allegations that Geake engaged in a bait and switch scheme to effect the customer’s purchase of equity indexed annuities.

Guiliano Law Group

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