Records filed with a US bankruptcy court show that at least one former client of Newbridge Financial Services advisor Nick...Read More
Dan Fair: Roanoke Rep Complaint Settled for $250K
Davenport & Company Dan Fair (CRD# 722195) was recently named respondent in an investor complaint that reached a six-figure settlement. Financial Industry Regulatory Authority records show that Mr. Fair is a broker and investment advisor affiliated with the firm’s office in Roanoke, Virginia.
Mr. Fair’s BrokerCheck report, a free tool designed to help investors to research securities industry professionals and firms, lists one pending investor complaint. Filed in February 2021, it alleged the recommendation of unsuitable, non-diversified investments in common and preferred stock products between 2014 and 2016. The complaint ultimately reached a settlement of $250,000.
A comment on the disclosure states Davenport & Company and Mr. Fair settled the complaint “to avoid the uncertainty of cost and arbitration,” and did not make “any admission of adjudication of the issue of fact or law.”
The Financial Industry Regulatory Authority maintains numerous rules and standards that brokers must follow. One such rule is the suitability rule, which holds that brokers must “have a reasonable basis to believe” their investment recommendations are appropriate for their customers. As outlined in FINRA Rule 2111, brokers determine an investment’s suitability by evaluating “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” An investor’s profile includes such information as their age, income, net worth, and risk tolerance. The recommendation of unsuitable investments can lead to potentially significant losses for the customer.
According to the Financial Industry Regulatory Authority, Dan Fair holds 41 years of securities industry experience. He has been affiliated with Davenport & Company in Roanoke, Virginia as a broker since 1996 and as an investment advisor since 1997. His past registrations include JC Bradford & Company (New York, New York; 1981-1996). His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Interest Rate Options Examination, or Series 5; and the General Securities Representative Examination, or Series 7. He holds 18 state licenses. (Information current as of April 4, 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.