Did you lose money investing with Derek Sunderland (CRD# 2996941)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Derek Sunderland. If you suffered losses investing with Derek Sunderland, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 1, 2020, Derek Sunderland’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2016049050801
1 Employment Separation After Allegations
UPDATE 10/01/2020: According to FINRA’s May 2019 Disciplinary Actions: “Derek Allen Sunderland (CRD #2996941, Fargo, North Dakota) March 6, 2019 – An AWC was issued in which Sunderland was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Sunderland consented to the sanction and to the entry of findings that he falsified documents and caused his member firm to maintain inaccurate books and records. The findings stated that Sunderland, while a supervisor at the firm, falsified certain firm records to create the appearance that he had reviewed them as part of his supervisory review. The findings also stated that Sunderland provided those falsified documents to the firm knowing that they would be provided, as if they were genuine documents, to FINRA in response to FINRA Rule 8210 requests sent to the firm. The findings also included that Sunderland gave false and misleading testimony about the records in his on-the-record interview with FINRA. (FINRA Case #2016049050801)
Current and Previous Registrations
12/01/2006 – 08/03/2018 QUESTAR CAPITAL CORPORATION (CRD#:43100) FARGO, ND
02/16/1999 – 12/01/2006 USALLIANZ SECURITIES, INC. (CRD#:40875) FARGO, ND
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Derek Sunderland and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
