Recently, an arbitration claim was filed against VFG Securities and broker Mark Andrew Trewitt. The customers allege that they suffered more than $300,000 in investment losses. Allegedly, Trewitt heavily concentrated their accounts in alternative investments, including Aequitas IOF II Fund, Vertical Capital Recovery Fund, Cole Capital Income Trust, and others. The lawsuit alleges that Trewitt was reckless with the Claimants’ money, ignoring all warnings and market signals with the energy market collapsing. They are alleging negligence, misrepresentations, and breach of fiduciary duty. Their single largest loss was in the Aequitas Opportunity Fund II, that the Securities and Exchange Commission stated was acting like a ponzi scheme. It has since filed for bankruptcy. Many investments in oil and gas and energy are not suitable for all investors. A broker must take into account an investor’s age, net worth, investment objectives and investment sophistication before recommending or selling a security. If he does not, his brokerage firm may be liable for losses because it had a duty to reasonably supervise him.
According to FINRA public records, Mr. Trewitt was registered with Sun Investment Services, AIG Equity Sales Corp, Cadaret, Grant & Co., Ogilvie Security Advisors Corp, Walnut Street Securities, Kalos Capital, Madison Avenue Securities and Niagara International Capital Limited. He is currently registered with VFG Securities in Plano, Texas and has been since November 2010. He has seven customer disputes against him, six of which are currently pending.
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