Jim Geake Allegedly Recommended Unsuitable REITS

Jim Geake (CRD# 2629008[1]), a broker registered with Madison Avenue Securities, recommended unsuitable alternative investments, according to investor disputes. MDF Law is investigating the Skokie, Illinois-based financial professional, who does business as Wayne Messmer & Associates, for similar conduct. We urge investors with concerns about their portfolios to reach out for a free consultation. 

Continue reading to learn more about the disputes involving Mr. Geake. The following post is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on February 3, 2025. 

Pending Dispute Seeks 7-Figure Damages

In 2024, a party of investors lodged a dispute alleging that Mr. Geake recommended unsuitable investments. As a disclosure on his BrokerCheck profile reflects, the claim does not specify any alleged damages. It notes, however, that the claimants invested $1.1 million in the products.

Past Disputes Settled for More than $1 Million

The above-described dispute is not the only one listed in Mr. Geake’s record. Between 2018 and 2023, eleven parties of investors filed disputes that his member firm settled. These claims included allegations of unsuitable investment recommendations, misrepresentations of alternative investments, negligence, and breach of fiduciary duty. They stemmed from investments in NorthStar Healthcare REIT, Hospitality Investors Trust, and other products. His current and former member firms settled the disputes for a total exceeding $1.4 million. 

Broker Defends Against Allegations

Mr. Geake issued statements regarding several of the settled disputes listed in his BrokerCheck profile. With respect to multiple claims alleging unsuitable recommendations, he wrote statements asserting that “third party due diligence supported the strength” of the products when they were sold. “The representative contends the clients were fully informed and the recommendations were suitable for his direct investors,” the statements read further. “Of all the investors named in this arbitration, the representative was only responsible for the sales to two households (3 individuals), representing only a small percentage of the total claim.”

What Is Wayne Messmer & Associates?

As his BrokerCheck profile reflects, Mr. Geake does business under the brand Wayne Messmer & Associates. That firm’s website features a professional bio[2] outlining his credentials and philosophy as a broker. “Jim feels strongly that his clients, as well as members of his community, should be educated and well informed when it comes to making important financial decisions,” the bio reads. “He understands that financial choices made today could very well impact one’s retirement plan for years to come.”

FINRA: Jim Geake Based in Skokie, Illinois

Mr. Geake started working as a broker in 1995, when he registered with Franklin Financial Services. He departed that firm in 2002, joining American General Securities in Skokie, Illinois. In 2006 he left American General Securities and registered with Madison Avenue Securities. He is still a broker at that firm today, based at its office in Skokie, Illinois. With 29 years of experience as a broker, he has completed six industry exams, including the Series 7 and the Series 6.

Call MDF Law for a Free Consultation

If you lost money on REITs or other investments recommended by Jim Geake, you may have recovery options. The investment fraud attorneys[3] at MDF Law have a proven track record of advocacy for investors, securing substantial recoveries through the FINRA arbitration process. We accept cases on a contingency basis—clients only pay a fee if they win—and provide free consultations nationwide. Call 800-767-8040 to speak with a lawyer today.