Wally Smith: $1mm-$2.3mm Complaint Against Ridgegate Advisor

Englewood, Colorado financial advisor Wally Smith (CRD# 4844156) recently received an investor complaint alleging that he committed fraud. Financial Industry Regulatory Authority records show that he is registered as a broker with Emerson Equity and an investment advisor with Ridgegate Advisors.

Mr. Smith’s BrokerCheck report discloses one investor complaint. Filed in September 2025, it alleges that as a representative of Emerson Equity, he committed fraud, breached his fiduciary duty, and acted negligently. The pending complaint alleges damages between $1 million and $2.3 million.

A second disclosure on his BrokerCheck report concerns a sanction against him by the Colorado Division of Securities. Filed in 2008, it described allegations that he borrowed funds from a client to fund the startup costs of his own company. The Division issued him a censure.

A third disclosure on his BrokerCheck report concerns his firing from Simon Davis Asset Management. Filed in 2008, it alleged that he violated internal policies and procedures in connection when he started a business “with a partner and friend who was also a client of the firm.”

According to the Financial Industry Regulatory Authority, Wally Smith holds 19 years of securities industry experience. Based in Englewood, Colorado, he has been registered as a broker with Emerson Equity since 2020 and an investment advisor with Ridgegate Advisors since July 2025. His past registrations include Madison Avenue Securities, Colorado Financial Services Corporation, Simon Davis Asset Management, and Senior Finance & Health. His credentials include the passage of five securities industry qualifying exams: the Direct Participation Programs Representative Examination, or Series 22TO; the General Securities Representative Examination, or Series 7TO; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 38 state licenses. (Information current as of October 18, 2025.)

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