Los Angeles-area financial advisor Matthew Stratman (CRD# 5834026) is involved in an investor complaint alleging his advice resulted in six-figure...Read More
Ex-HD Vest Rep Travis Eiland Allegedly Caused 6-Figure Losses
Former Bayton, Texas stockbroker and investment adviser Travis Eiland (CRD# 4127872) is involved in a pending customer dispute alleging fraud and other causes of action. Financial Industry Regulatory Authority (FINRA) records show that Eiland was previously employed by HD Vest Investment Services, but is not currently registered as a broker or as an investment adviser.
According to his BrokerCheck report, a complaint filed in July 2021 alleges that while associated with Avantax Investment Services (a subsidiary of HD Vest), Travis Eiland implemented an unsuitable trading strategy, engaged in churning, breached his fiduciary duty, and breached contract, incurring losses in the customers’ account. The pending complaint alleges damages of $369,314.
The BrokerCheck report for HD Vest Investment Services, Travis Eiland’s previous broker-dealer firm, discloses four customer complaints. Filed between 1995 and 2004, the disputes alleged breach of fiduciary duty, misrepresentation, suitability violations, failures to supervise, and unauthorized trading relating to investments in limited partnerships, annuities, government securities, and mutual funds. FINRA panels issued awards in these disputes totaling more than $1.7 million.
HD Vest Investment Services has also received regulatory enforcement actions, according to its BrokerCheck report. The most recent sanction was issued in 2016 by FINRA, whose findings state that the firm disadvantaged retirement plan and charitable organization customers by selling them mutual fund share classes with certain sales charges when they were eligible for mutual fund share classes without those sales charges. The firm was censured and ordered to provide remediation to eligible customers of $261,905.
According to the Financial Industry Regulatory Authority, Travis Eiland holds 19 years of securities industry experience. He is not registered as a broker or as an investment adviser. He was registered with HD Vest Investment Services in Bayton, Texas from 2000 until 2019. He has passed the Uniform Investment Adviser Law Examination (Series 65), the Uniform Securities Agent State Law Examination (Series 63), the Securities Industry Essentials Examination (SIE), and the General Securities Representative Examination (Series 7). (Information current as of November 15, 2021.)
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.