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James Armour: Oil & Gas Complaint Against Armour Capital Advisor
Wayzata, Minnesota financial advisor James Armour (CRD# 705645) has been involved in investor complaints, one of which reached a settlement of more than $1.2 million. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ausdal Financial Partners, doing business as Armour Capital.
Mr. Armour’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in November 2022, alleges unsuitable investment recommendations, breach of fiduciary duty, inadequate due diligence, and lack of supervision in connection with an oil and gas investment. The pending complaint alleges damages of $150,000. In a statement included with the disclosure, Mr. Armour wrote: “I was not named as a respondent in this case and I vigorously contest any allegations of wrongdoing.”
A second investor complaint, filed in 2019, alleged the misrepresentation and recommendation of unsuitable investments in Bakken Drilling Fund III and Bakken Drilling Fund IV, and further that Ausdal Financial Partners did not adequately supervise the sales of the products or perform adequate due diligence into them. The complaint reached a settlement of $1,250,000.
According to the Financial Industry Regulatory Authority, James Armour holds 42 years of securities industry experience. Based in Wayzata, Minnesota, he has been a broker and an investment advisor with Ausdal Financial Partners since 2011, doing business as Armour Capital. His past registrations include Workman Securities Corporation (2000-2001), Dain Rauscher Incorporated (1996-1998), Painewebber (1990-1996), Smith Barney Harris Upham & Company (1986-1990), LTPC (1985-1986), and Midland Management Corporation (1980-1985). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Representative Examination, or Series 1; 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 Investment Adviser Law Examination, or Series 65. He is licensed in California, Colorado, Florida, Illinois, Minnesota, Missouri, Rhode Island, South Dakota, and Texas. (Information current as of January 10, 2023.)
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