Last Updated: December 2023 (Skokie, IL )
Jim Geake Investigation Summary
Here’s what you need to know about Skokie, IL , stockbroker Jim Geake:
- Name: Mr. James Andrew Geake
- Current Employer: Madison Avenue Securities
- Previous Firms: American General Securities
- Function: Stock Broker/ Financial Advisor
- Aliases: Jim Geake
- Primary Location: Skokie, IL
- CRD 2629008
- Can Jim Geake be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $450,000
- Pending Customer Dispute Seeks Damages of unstated amount
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Jim Geake As Your Stockbroker?
Jim Geake discloses 9 settled customer disputes on his FINRA record. More than $700,000 was paid to resolve those claims brought by customers of Madison Avenue Securities, most of which relate to recommendations to invest in alternative investments.
In 11/2023 a group of customer of Madison Avenue Securities filed a FINRA arbitration alleging that Jim Geake made an unsuitable recommendation to invest in NorthStar HealthCare REIT. No amount of damages is specified but the Statement of Claim indicates that more than $1.1 million was invested. This matter is currently pending.
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.
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. FINRA Rule 2111- suitability
Allegations of Broker Misconduct Against Jim Geake
Customers of Jim Geake have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in alternative investments, in cluding NorthStar Healthcare REIT, a BDCA, FIA contracts and Hospitality Investors
- Unsuitable Investment Recommendation to invest in illiquid investments
- Misrepresentation
- Churned 401K account
- Didn’t receive mutual fund breakpoints
- Unsuitable Investment Recommendation to invest in variable annuities
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 Jim 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.
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.
