Investors Accuse Citizens Securities Of Misrepresentation
Mark Emerson Despelder of GrossePointe Michigan a stockbroker formerly registered with Citizens Securities Inc. is referenced in a customer initiated investment related written complaint on December 4, 2018 where the customer sought $31,440.00 in damages based upon allegations that (1) the customer had been placed in preferred stocks that failed to be appropriate and (2) misrepresentations were made concerning stocks leading the customer to believe that he was purchasing conservative investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Despelder has been identified in two additional customer initiated investment related disputes containing accusations of his misconduct during the period in which he was associated with First of America Brokerage Service Inc., NatCity Investments Inc. and Citizens Securities Inc. Specifically, Despelder is the subject of a customer initiated investment related arbitration claim in which the customer requested $16,550.67 in damages supported by allegations of false or misleading statements concerning mutual fund transactions effected in the customer’s account during the time that Despelder was associated with First of America and NatCity.
Also, on January 6, 2017, a customer filed an investment related complaint concerning Despelder’s conduct where the customer sought $19,052.90 in damages founded on accusations that during the time that Despelder was employed by Citizens Securities Inc., the customer had been misled with regard to investments and was placed into annuity products which failed to be appropriate.
Despelder’s employment with Citizens Securities Inc. has been terminated as of April 17, 2017. Since April 19, 2017, he has been registered with Infinex Investments Inc.