Last Updated: March 2024 (Hillsboro, Oregon)
Damon Mapes Investigation Summary
Here’s what you need to know about Hillsboro, OR stockbroker Damon Mapes:
- Name: Mr. Damon Merrill Mapes
- Current Employer: LPL Financial, Banner Bank
- DBA: Banner Investment Services , Banner Wealth & Investment Services
- Previous Firms: Cetera Investment Advisers, Heritage Bank, Columbia State Bank
- Function: Stock Broker/ Financial Advisor
- Aliases: Damon Mapes
- Primary Location: Hillsboro, Oregon
- CRD 4011748
- Can Damon Mapes be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $20,000
- Pending Customer Dispute Seeks Damages of $250,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Damon Mapes As Your Stockbroker?
In 2/2024 a customer of Cetera Investment Services filed a FINRA arbitration alleging that Damon Mapes made an unsuitable recommendation to invest in a real estate security which has caused damages of $250,000. This matter is currently pending.
See this for more information on REITs and Other Alternative Investments
Earlier in his career a customer dispute alleging unsuitable recommendations was settled for $20,000.
Allegations of Broker Misconduct Against Damon Mapes
Customers of Damon Mapes have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Damon Mapes, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
