Customer Alleges First Allied Sold Unsuitable Alternative Investments

Douglas Keith Hyer (CRD#254358, Great Neck, New York), who has been a registered representative of First Allied Securities, Inc. since January 31, 2013, disclosed on Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that he has been named in a customer-initiated investment-related written complaint dated April 21, 2018, in which the First Allied Securities customer alleged that Hyer put the customer in alternative investments (real estate securities) that were not suitable for the customer, and made misrepresentations in reference to the liquidity of those products. The firm believes that the customer is seeking in excess of $5,000.00 in damages.

Hyer has disclosed on FINRA BrokerCheck that he has been identified in at least three more customer disputes where customers have collectively alleged churning and unsuitability. Namely:

• On March 22, 2001, a written complaint was filed by a customer alleging that a mutual fund purchase was not suitable for the customer given the customer’s investment objective. Douglas Keith Hyer was apparently employed by Linsco/Private Ledger Corp. at the time. The customer alleged $7,000.00 in damages.
• On May 24, 2004, a customer brought a complaint alleging suitability in reference to mutual funds trades placed in the customer’s account when Hyer was employed by Raymond James Financial Services, Inc.
• On February 3, 2010, a customer arbitration was filed alleging that when Hyer was a registered representative of Cambridge Investment Research, Inc., he placed the customer in unsuitable mutual funds and churned the customer’s account. The customer settled the matter for $190,000.00 in damages. (FINRA Arbitration Case #10-00117, April 29, 2011).

According to FINRA BrokerCheck, Hyer was also a registered representative of Next Financial Group, Inc. between September 17, 2008 and February 4, 2013; however, the firm permitted Douglas Hyer to resign after suspecting that he engaged in inappropriate activities and failed to conform to company policy.

Were You A Client of Douglas Keith Hyer?

Investors who have been victim to Douglas Keith Hyer’s or another stockbroker’s sales practices are encouraged to contact an experienced attorney at Soreide Law Group at (888) 760-6552 to discuss the potential recovery of investment losses. There is no fee unless a recovery is made. Soreide Law Group represents investors nationwide.