Last Updated: April 2026 — Northbrook, Illinois
Here’s what you need to know about Northbrook, IL stockbroker David Richard Geake:
- Name: Mr. David Richard Geake
- CRD Number: 3088891
- Current Status / Employer: Barred by FINRA from acting as a broker.
- Previously Registered With: American Trust Investment Services, Inc. (Chicago, IL); Ausdal Financial Partners, Inc. (Northbrook, IL); Madison Avenue Securities, LLC (Northbrook, IL); American General Securities Inc. (Skokie, IL)
- Function: Stockbroker / Financial Advisor
- Primary Location: Northbrook, IL (with prior work history also in Chicago and Skokie, IL)
- Can David Geake be sued in FINRA arbitration? Yes
- Sanctioned by a regulator? Yes
- Pending/Recent Customer Matters (examples): Multiple customer disputes and FINRA arbitrations alleging unsuitable recommendations and issues tied to alternative investments (including DPP/LP interests and GWG L Bonds), with claimed damages ranging from $50,000 to $500,000+
If you’ve sustained damages from Mr. Geake, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With David Geake As Your Stockbroker?
Forty three customer disputes and arbitrations involving Mr. Geake have been settled with cash payments. The disputes focus on unsuitable recommendations of alternative investments including GWG L Bonds, as well as lack of due diligence:These cases commonly center on complex, illiquid products such as Direct Participation Programs (DPPs), Limited Partnerships (LPs), and GWG L Bonds—products that can be inappropriate for many investors if the broker fails to assess suitability or adequately explain risks.
In 7/2023 FINRA permanently barred Geake to resolve allegations that he participated in a private securities transaction by soliciting elderly investors, a husband and wife, to pledge approximately $15 million of securities as collateral to guarantee a $2.5 million loan from a bank on behalf of a startup company without providing written notice to his firm. Geake was a director of the startup and had $100,000 of his own money invested in it. Subsequently the defaulted on the loan and couple were required to repay the $2.5 million loan and interest.
Allegations of Broker Misconduct Against David Geake
Publicly available filings connected to Mr. Geake include allegations of:
- Unsuitable investment recommendations in alternative investments (DPPs/LPs) and GWG L Bonds.
- Relevant rules: FINRA Rule 2111 (Suitability) requires a reasonable basis to believe a recommendation is suitable based on the customer’s investment profile; Reg BI heightens best-interest obligations for recommendations to retail customers.
- Failure to conduct adequate due diligence on recommended products (e.g., GWG L Bonds).
- Relevant authority: Firms and associated persons are expected to perform and rely on reasonable product due diligence; failures can implicate FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) when diligence lapses lead to recommendations that are not in the customer’s best interest.
- Regulatory Action (State of Illinois) seeking revocation (initiated March 19, 2024, Case No. 2300645).
- Refusal to comply with regulator expectations or findings in such actions can carry serious licensing consequences at the state level; brokers must also cooperate with self-regulatory inquiries under FINRA Rule 8210 when applicable.
Important: Allegations and pending matters are not findings of liability. Outcomes may include settlements without admissions or findings of wrongdoing; however, the pattern and nature of disclosures provide meaningful risk signals for investors.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by David Richard Geake, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
Firms We Have Pursued For Our Clients
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.