Rich Gibson Allegedly Sold Unsuitable DSTs

Rich Gibson (CRD# 5352063[1]), a broker registered with Purshe Kaplan Sterling, sold unsuitable Delaware Statutory Trusts, according to an investor dispute. MDF Law is investigating the Long Beach, California-based financial professional, also an advisor with Global View Capital Management, for similar conduct. If you have complaints regarding investments he recommended, contact our law firm for a free consultation.

To learn more about the allegations against Mr. Gibson, continue reading this post. The information below is based on a September 26, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority resource.

Pending Dispute Seeks 7-Figure Damages

On June 20, 2024, a party of investors filed a dispute alleging that Mr. Gibson made misrepresentations of material facts and engaged in negligence. In addition, they alleged that he recommended four unsuitable Delaware Statutory Trust (DST) products. The disputes, which is still pending, seeks $2.16 million in damages.

Rich Gibson Defends Against Allegations

Mr. Gibson issued a lengthy “Broker Comment” regarding the pending dispute, according to his BrokerCheck record. Over the course of the comment, he wrote that the student housing DST investments were made after a series of meetings to discuss the products, including a call with the investors ‘ CPA. 

“In the process of completing the paperwork and getting the transaction approved there were some corrections in the paperwork to make sure it was a suitable investment for them,” he asserted, adding that the investors approved and signed these corrections. “At the time of the investments, we had never anticipated that shortly we would have a pandemic which would cause the world to close down. Unfortunately, all the colleges in the country closed which caused the Student Housing DST to have financial problems.” 

Concluding the comment, he described his belief that the “bottom line” is that the investments would have been successful if not for the pandemic, an unexpected element. 

Firm Settled Previous Dispute 

The above-described investor dispute is not the only one in Mr. Gibson’s past. On May 9, 2024, another investor lodged a dispute alleging that he failed to implement a financial strategy, leaving funds uninvested. In July 2024 his member firm settled the claim for more than $25,700.

Global View Capital Advisors Representative

The website for Mr. Gibson’s advisory firm, Global View Capital Advisors, features a “Biography[2]” page outlining his background and mission as a financial professional. “Rich’s commitment to financial education and his passion to help others led him to join Global View Capital Advisors, where he can offer professional active money management to all investors,” it reads in part. “Today, Rich’s approach to financial solutions is all inclusive, as he helps guide individuals and families toward their specific and unique retirement goals.”

FINRA: Broker Based in Long Beach, California

Rich Gibson began his career as a broker in 2008, when he registered with World Group Securities’ office in Anaheim, California. Over the following years, he worked at a variety of firms, including TransAmerica Financial Advisors and The Strategic Capital Alliance. He joined Purshe Kaplan Sterling and Global View Capital Management in 2014. and has remained with both firms since. With 16 years of experience as a broker, he has completed six industry exams and is based in Long Beach, California.

DST Losses? You May Have Recovery Options

If you have concerns about DSTs or other investments recommended by Rich Gibson, contact MDF Law for a free consultation. Our seasoned broker fraud attorneys take cases on contingency, which means clients only pay when they win—no hourly fees. You may have limited time to file a claim, so please call us today at 800-767-8040.