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Cadaret Grant Broker Gerald Dewes Barred: FINRA Investigation
Former East Amherst, New York broker Gerald Dewes (CRD# 2465538) has been sanctioned by the Financial Industry Regulatory Authority following an investigation into his potential involvement in private securities transactions and outside business activities. Formerly associated with Cadaret Grant & Company, he was barred from associating with any FINRA member firm.
According to a Letter of Acceptance, Waiver, and Consent (No. 2019064639701) dated March 2020, Gerald Dewes was associated with Cadaret Grant & Company as a General Securities Representative and a General Securities Principal from 204 until November 2019, when the firm filed notice of his discharge relating to allegations he “sold away from the firm by soliciting client investments into an undisclosed outside business activity, Elite Roasters, Inc., for which he was an officer and director.” FINRA subsequently initiated an investigation into these allegations. In connection with this investigation, FINRA sent him a request on March 19, 2020 to appear and provide FINRA with on-the-record testimony. He acknowledged to FINRA via a March 20, 2020 email from counsel that he had received the request, but indicated he would not appear for the requested testimony “at any time.” FINRA concluded that this refusal to appear for testimony constituted violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member firm in any capacity.
His BrokerCheck report also lists one pending customer complaint against him. Filed in November 2019 and concerning Dewes’ conduct as a representative of Sunbridge Management, the complaint details the customer’s allegations that “he heard nothing from… Dewes despite repeat promises of 10% returns three years earlier.” The complaint does not specify the damages it alleges, but it does state that “the advisor estimates the client has invested $50K.” The complaint is still pending.
Gerald Dewes is currently not registered as a broker. His previous registrations include Cadaret Grant & Company, Lincoln Financial Securities Corporation, Northeast Securities, Cambridge Investment Research, Signator Investors, John Hancock Mutual Life Insurance Company, Securities America, and Thomas James Associates. He has passed four securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 28, 2020.)