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Devin Patel: Ex-Financial Gravity Advisor Receives $1.5mm Complaint

A recent investor complaint against Tampa financial advisor Devin Patel (CRD# 6632487) alleges that his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker with Sanford C. Bernstein & Company and an investment advisor with AllianceBernstein, having previously been registered with Financial Gravity Asset Management.

Mr. Patel’s BrokerCheck report discloses one investor complaint. Filed in September 2023, it alleges that as a representative of Financial Gravity Asset Management, he made “unsuitable and illegal” investment recommendations involving unregistered debt and equity securities. (Investors should be aware that FINRA Rule 2111 requires brokers to recommend investments that are suitable for a customer’s investment profile, based on reasonable diligence into it.) The pending complaint alleges damages of $1.5 million. In a statement included with the complaint’s disclosure, Mr. Patel wrote that he “denies the allegations and believes they are without merit.”

According to the Financial Industry Regulatory Authority, Devin Patel holds six years of securities industry experience. Based in Tampa, Florida, he has been a broker with Sanford C. Bernstein & Company and an investment advisor with AllianceBernstein since January 2023. His past registrations include Foundations Investment Advisors (Lake Mary, Florida; 2019-2022) and Financial Gravity Wealth (Lake Mary, Florida; 2017-2019). His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Florida, Georgia, and North Carolina. (Information current as of October 2, 2023.)

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.

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