Did you suffer losses with Coleman Devlin, formerly of IFS Securities? Mr. Devlin has been accused of effecting discretionary trades in five customer accounts without obtaining prior written authorization from the customers and without acceptance of the accounts as discretionary by his member firm. He was also accused of making unsuitable investments, unauthorized trading, making misrepresentations and/or omissions, breaching fiduciary duty, giving unsuitable advice, failure to supervise, suitability, churning, and over-concentration in accounts in aggressive and speculative securities without client authorization, among other things. These are all against securities laws and internal firm rules. Churning, also known as excessive trading, is a particularly egregious tactic used by brokers in order to generate large commissions for themselves, while generating unnecessary fees for the client.
Mr. Devlin, according to his online BrokerCheck report with FINRA, was previously registered with Tamaron Investments, Legg Mason Wood Walker, Dean Witter Reynolds, Gruntal & Co., Ryan Beck & Co., Stifel, Nicolaus and IFS Securities in Atlanta, Georgia. He has 13 customer disputes against him, one of which is currently pending. He is not currently registered as a broker and is suspended from the industry.
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