Investors Sue Geneos For Breach Of Contract
Michael John Osland of Scottsdale Arizona a stockbroker and investment adviser representative currently employed by Geneos Wealth Management Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested more than $5,000.00 in compensatory damages founded on accusations that a contract between the customer and the securities broker dealer had been breached and that mutual fund transactions failed to be suitable for the Geneos Wealth Management customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02239 (July 1, 2020).
This is not the first time that Osland has been the subject of a customer dispute alleging his wrongdoing in the securities industry. On April 30, 2019, a customer initiated investment related arbitration claim regarding Osland’s activities was settled for $125,000.00 in damages based upon allegations of bad advice between 2008 and 2017 as it pertained to the stockbroker’s alternative investment transactions. FINRA Arbitration No. 17-03196 (Apr. 30, 2019). According to the claim, the Geneos Wealth Management customers were placed into unsuitable real estate securities, oil and gas securities and mutual funds by Osland.
Osland has also been sanctioned by North Dakota Office of the Securities Commissioner according to an Order containing findings that Osland did business in Arizona without being registered.
Osland has been registered with Geneos Wealth Management since December 1, 2008.