Dave Stuckey: Carrboro Royal Alliance Advisor Had REIT Complaint

Royal Alliance Associates financial advisor Dave Stuckey (CRD# 1372887) recently received an investor complaint relating alleging he sold unsuitable REIT and BDC products. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Carrboro, North Carolina.

Mr. Stuckey’s BrokerCheck report discloses one investor complaint. Filed in May 2022, it alleged that he misrepresented material facts relating to unsuitable investment recommendations involving a real estate investment trust (REIT) and a business development company (BDC). The complaint alleged damages believed to be greater than $5,000 and was denied by his member firm, Royal Alliance Associates. 

FINRA’s suitability standard requires stockbrokers to “have a reasonable basis to believe” that the investments they recommend to their clients are appropriate for those clients’ objectives and background. As FINRA Rule 2111 explains, brokers must ascertain an investment’s suitability by conducting “reasonable diligence” into the investor’s profile, which includes their financial situation, age, risk tolerance, and other factors. Not only must they form a reasonable basis to believe the recommendation is suitable for at least some investors, they must form a reasonable basis to believe it is suitable for the specific investor they’re recommending it to. Representatives who recommend unsuitable investments may be held liable in the event of losses. 

According to the Financial Industry Regulatory Authority, Dave Stuckey holds 37 years of securities industry experience. Based in Carrboro, North Carolina, he has been a broker and an investment advisor with Royal Alliance Associates since 1997 and 2005, respectively. His past registrations include Keogler Morgan & Company (Atlanta, Georgia; 1994-1997), Northwestern Mutual Investment Services (Milwaukee, Wisconsin; 1985-1994), and Robert W. Baird & Company (Milwaukee, Wisconsin; 1985-1994). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Connecticut, Florida, Georgia, Hawaii, Minnesota, Missouri, Montana, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Texas, and Virginia. (Information current as of August 26, 2022.)

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