Littleton, Colorado financial advisor Kiran Devarapalli (CRD# 6416586) was recently fired by LPL Financial in connection with alleged rule violations....Read More
Dan Dillard: Nest Adviser Allegedly Caused $1.5MM Loss
A pending investor complaint against Austin, Texas investment adviser Dan Dillard (CRD# 4289333) alleges losses of $1.5 million. According to Financial Industry Regulatory Authority (FINRA) records, Dillard is currently not registered as a broker, though he was most recently registered with Union Capital Company and SagePoint Financial in Austin, Texas. Records maintained by the Securities and Exchange Commission show that he is registered as an investment adviser with Nest Financial in Austin.
Dan Dillard’s BrokerCheck report lists two pending customer complaints against him. It also shows a 2015 FINRA action suspending him from associating with any FINRA member firm for three months and fining him $5,000 in connection to allegations he falsified a document he submitted to his firm and reused a third party president’s existing signature without the third party’s knowledge, authorization, or consent.
A complaint filed in 2021 alleges that as a representative of SagePoint Financial, Dan Dillard recommended unsuitable private placement investments for which the firm did not conduct proper due diligence. The pending complaint alleges damages of $1.5 million.
Another complaint, filed in 2020, alleges that as a representative of SagePoint Financial, Dan Dillard made misrepresentations and omissions of material facts related to variable annuities and direct investments, recommended unsuitable securities, and breached his fiduciary duty to act in the customer’s best interests. The pending complaint alleges unspecified damages “estimated to potential be greater than $5000.”
SEC records show that Dan Dillard holds 20 years of experience in the securities industry and is currently registered as an investment adviser with Nest Financial in Austin, Texas. His previous registrations include Union Capital Company in Austin, Texas; SagePoint Financial in Austin, Texas; LPL Financial in Austin, Texas; CUNA Brokerage Services in Leander, Texas; CUNA Brokerage Services in Waverly, Louisiana; and Merrill Lynch in New York, New York. (Information current as of June 10, 2021.)