Ian McElreath: Ex-Emerson Advisor Faces Lands Complaint

A recent investor complaint against former Portland, Maine and Tampa, Florida financial advisor Ian McElreath (CRD# 4754189) alleges that he violated securities laws and rules. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Foreside Fund Services, having previously been registered with Emerson Equity.

Mr. McElreath’s BrokerCheck report discloses one investor complaint. Filed in October 2025, it alleges that as a representative of Emerson Equity, he violated federal securities laws and the California Securities Act, breached contract, acted negligently, committed fraud, and breached his fiduciary duty. The pending complaint alleges unspecified damages.

In a statement included with the complaint’s disclosure, Mr. McElreath defended himself against the allegations. “Registered representative denies the allegations,” he wrote, “and has indicated that all investment recommendations were consistent with the stated investment objectives and risk tolerance of the client.”

For reference, the fiduciary standard stipulates that financial advisors must place their clients’ interests above their own, make full disclosures regarding any conflicts of interest, and operate in good faith and with loyalty to the customer. This is similar to but distinct from the suitability standard that requires brokers to recommend only investments that are appropriate for their client’s background and objectives.

According to the Financial Industry Regulatory Authority, Ian McElreath holds 21 years of securities industry experience. Most recently based in Portland, Maine and Tampa, Florida he was last registered as a broker with Foreside Fund Services from 2023 until 2025. His past registrations include Emerson Equity, Ameritas Investment Company, Cantor Fitzgerald, Realty Capital Securities, KBS Capital Markets Group, and Pacific Select Distributors. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He is no longer licensed as a broker or an investment advisor. (Information current as of November 8, 2025.)

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