Garden City, New York financial advisor (CRD# 5225102) has received multiple investor complaints alleging that his investment recommendations led to...Read More
$500K Investor Complaint Against Clearwater Advisor Roof Douglass
Pending investor complaints against Clearwater, Florida financial advisor Roof Douglass (CRD# 1619835) allege he recommended unsuitable investments. Financial Industry Regulatory Authority records show he is a broker with Securities America and the owner of Douglass Investment Services. He is also known as Alan Douglass and was formerly a broker with Investacorp.
Mr. Douglass’s BrokerCheck report discloses numerous investor complaints. The most recent, filed in May 2022, alleges he recommended an unsuitable variable annuity in 2016. The pending complaint alleges damages of at least $5,000.
Another complaint filed in May 2022 alleges that as a representative of Securities America, he made “poor recommendations” that resulted in “poor performance.” The pending complaint also alleges damages of at least $5,000.
A third complaint, filed in 2021, alleges that while at Investacorp, he over-concentrated the claimant’s account in alternative investments involving real estate securities. The pending complaint alleges damages of $500,000.
A fourth complaint, also filed in 2021, alleges that while at Securities America and Investors Capital Corp, he recommended unsuitable investments that incurred losses. The pending complaint alleges damages between $100,000 and $500,000.
A fifth complaint disclosed on Mr. Douglass’s BrokerCheck report was filed in 2021, alleging the sale of unsuitable alternative investments, negligence, misrepresentations and omissions, and breach of fiduciary duty. In 2022 the complaint reached a settlement of $50,000. Mr. Douglass’s statement on the disclosure reads that he “was not personally named in this suit nor was there any mention of misdoings,” and that “Only the firm was the named respondent.”
According to the Financial Industry Regulatory Authority, Roof Douglass, also known as Alan Douglass, holds 35 years of securities industry experience. Based in Clearwater, Florida, he has been a broker with Securities America since 2020. His past registrations include Investacorp (Clearwater, Florida; 1995-2020), Meridian Dunhill & Co. (1991-1995), Monmouth Investments (1989-1991), Barron Chase Securities (Boca Raton, Florida; 1990-1991), Lehman Brothers (New York, New York; 1989-1990), Hanifen Imhoff Securities Group (1989), Graystone Nash (1987-1989), and Thomas James Associates (1987). His credentials include the passage of four securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Florida, Georgia, Illinois, Kansas, Maryland, New Jersey, North Carolina, and Virginia. (Information current as of June 22, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.