Ray Anthony, Arete Broker, Allegedly Breached Duties
Ray Anthony (CRD# 4565686), a broker registered with Arete Wealth Management, misrepresented investments, according to a recent investor complaint. MDF Law is investigating the Sunrise, Florida-based financial professional, who does business as Fincadia, for similar conduct. If you have concerns about investments he recommended, contact us for a free consultation.
Continue reading this post to learn more about the allegations against Mr. Anthony, who is also the owner of WallStMade. The information herein is sourced from his Financial Industry Regulatory Authority BrokerCheck profile, examined on December 7, 2024.
Pending Disputes Seek 6-Figure Damages
Two parties of investors filed disputes involving Mr. Anthony in 2024, according to his BrokerCheck profile. Both allege that he breached his fiduciary duties; one also alleges “fraudulent and negligent misrepresentation.” The disputes, which are still pending, seek more than $573,000 in alleged damages.
Firm Settled Past Dispute
The above-described pending disputes are not the only ones in Mr. Anthony’s history. On July 7, 2014, an investor filed a dispute alleging that he made an unsuitable investment recommendation. The claim alleged $6,775 before it was denied by his former member firm.
Two years earlier, in 2012, another investor filed a dispute alleging that he failed to follow instructions. In this case, his former member firm settled the dispute for $17,000.
What Is An Adviser’s Fiduciary Duty?
Investment advisers owe a fiduciary duty to their clients. In essence, this duty requires them to act in a client’s best interests. As the SEC explained in guidance released in 2019, this includes a duty of care and a duty of loyalty. The duty of care requires an adviser to provide advice that is in their client’s best interests, to seek best execution of the client’s transactions (where applicable), and to “provide advice and monitoring” throughout their adviser-investor relationship. The duty of loyalty, meanwhile, provides that the adviser must not place their interests ahead of the client’s.
FINRA Ray Anthony Based in Sunrise, Florida
Mr. Anthony began his career as a broker in 2002, when he joined First Republic Group. Over the following decades, he worked with firms including Gilford Securities, Rockwell Securities, and National Securities Corporation. He registered with his current member firm, Arete Wealth Management in 2022. He is currently based at the firm’s branch office in Sunrise, Florida. With 22 years of experience as a broker, he has completed three industry exams, including the Series 7 and the Series 63.
Call MDF Law to Discuss Recovery Options
Are you a current or former customer of Ray Anthony, Fincadia, or WallStMade with concerns about your accounts? You may have recovery options. Call MDF Law to discuss whether you may be able to recover losses through the FINRA arbitration process. Our clients only pay a fee if they win their case, and our attorneys offers free consultations nationwide. Your time to file a claim may be limited, so we encourage you to avoid delay. Call 800-767-8040 today.