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Ex-Concorde Advisor Gary Hughes Receives $150K Fraud Complaint
Hermosa Beach financial advisor Gary Hughes (CRD# 1700976) recently received an investor complaint alleging he committed elder abuse and engaged in other forms of misconduct. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Concorde Investment Services broker is currently an investment advisor with Hughes Wealth Management.
Mr. Hughes’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2023, alleges that as a representative of Concorde Investment Services, he made unsuitable investment recommendations, breached contract, committed fraud, breached his fiduciary duty, acted negligently, committed elder abuse, and violated the California Securities Act. The pending complaint alleges damages of $150,000.
An earlier investor complaint, filed in 2006, alleged that as a Merrill Lynch representative, he recommended an unsuitable variable annuity replacement. The complaint reached a settlement of $36,125.
A third investor complaint, filed in 2020, alleged unspecified “dissatisfaction” with a product that suspended distributions in 2020. The complaint alleged damages of $50,000 and was denied by Concorde Investment Services.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Gary Hughes holds 29 years of securities industry experience. Based in Hermosa Beach, California, he has been an investment advisor with HughesWealth Management since August 2022. His past registrations include Concorde Investment Services, Arque Capital, Questar Capital Corporation, Pension Planners Securities, Merrill Lynch, UBOC Investment Services, MetLife Securities, Metropolitan Life Insurance Company, Dean Witter Reynolds, Brokers Transaction Services, United Pacific Securities, BA Investment Services, and Yaeger Securities. 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 as an investment advisor in California. (Information current as of May 7, 2023.)
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