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Chicago Rep David Geake Has 6-Figure Complaints

David Geake (CRD# 3088891), a broker and investment adviser in Chicago, Illinois, has received several settled or pending investor complaints in recent years. According to records provided by the Financial Industry Regulatory Authority (FINRA), Geake is currently registered with American Trust Investment Services.

David Geake’s BrokerCheck report lists a total of four settled investor complaints and three pending investor complaints against him. The most recently settled complaint was filed in 2020, alleging that as a representative of Ausdal Financial Partners, Geake failed in his supervisory duties. In March 2021 the complaint reached a settlement of $560,000.

A pending complaint filed in 2021 alleges that as a representative of Madison Avenue Securities, Ausdal Financial Partners, and American Trust Investment Service, he breached his fiduciary duty, failed in his supervisory duties, and recommended unsuitable investments. The pending complaint alleges unspecified damages.

A second pending complaint filed in May 2021 alleges that while at Madison Avenue Securities and Ausdal Financial Partners, David Geake recommended unsuitable investments in a unit investment trust and private placement products. The pending complaint alleges unspecified damages.

A third pending complaint filed in 2021 alleges that as a Madison Avenue Securities representative, David Geake recommended unsuitable alternative investments. The pending complaint alleges damages between $500,000 and $1,000,000.

Another 2020 complaint alleged that as a representative of Madison Avenue Securities, he failed to conduct due diligence, made unsuitable investment recommendations, over-concentrated investments, and made misrepresentations and omissions regarding alternative investments. The complaint reached a settlement of $20,000.

A complaint filed in 2017 alleged that while at Madison Avenue Securities, he made unsuitable recommendations, misrepresented material facts, breached his fiduciary duty, and committed securities fraud in connection to investments in fixed annuities. In 2018 the complaint reached a settlement of $40,000.

A complaint filed in 2011 alleged that as a representative of Madison Avenue Securities, he over-concentrated the account in unsuitable and misrepresented real estate investment trusts. In 2012 the complaint reached a settlement of $140,000.

According to the Financial Industry Regulatory Authority (FINRA), David Geake holds 22 years of securities industry experience and is currently registered with American Trust Investment Services in Chicago, Illinois. His prior registrations include American Trust Investment Services in Whiting, Illinois; Ausdal Financial Partners in Northbrook, Illinois; Madison Avenue Securities in Northbrook, Illinois; and American General Securities in Skokie, Illinois. He has passed six securities industry qualifying examinations: Uniform Investment Adviser Law Examination, or Series 65; General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; Investment Company Products/Variable Contracts Representative Examination, or Series 6; and General Securities Representative Examination, or Series 7. He currently holds 11 state securities licenses. (Information current as of August 19, 2021.)

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