Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 16, 2018 indicate that New York-based First Allied Securities broker/adviser Douglas Hyer has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Hyer (CRD# 254358).
Douglas Hyer has spent 48 years in the securities industry and has been registered with First Allied Securities in Great Neck, New York and San Diego, California since 2013. Previous registrations include Next Financial Group in Great Neck, New York (2008-2013); Cambridge Investment Research in Great Neck, New York (2005-2008); Raymond James Financial Services in St. Petersburg, Florida (2003-2005); Linsco/Private Ledger Corporation in Boston, Massachusetts (1999-2003); Royal Alliance Associates in Jersey City, New Jersey (1994-1999); New England Securities in New York, New York (1993-1997); USLife Equity Sales Corporation in New York, New York (1980-1993); Connecticut Mutual Financial Services (1969-1986); Roebuck Funds (1969-1985); and Sterling Diversified Services (1983-1984). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on October 2, 2002; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on January 9, 1985; Series 1 (Registered Representative Examination), which he obtained on April 17, 1969; Series 51 (Municipal Fund Securities Principal Examination), which he obtained on May 5, 2004; and Series 24 (General Securities Principal Examination), which he obtained on October 27, 1999. He is a registered broker and investment adviser with 14 US states and territories: California, Connecticut, Florida, Illinois, Louisiana, Maryland, Mississippi, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Vermont, and Virginia.
According to his BrokerCheck report, he has received one customer complaint and one pending customer complaint, and he resigned from his former employer in connection to alleged rule violations.
In April 2018 a customer alleged Douglas Hyer, while employed at First Allied Securities, recommended unsuitable alternative investments and misrepresented material facts. The customer is seeking unspecified damages in the pending complaint.
In 2013 he was “permitted to resign” from his position at Next Financial Group following allegations of failure to follow company policy and improper use of social media.
In 2009 a customer alleged Douglas Hyer, while employed at Cambridge Investment Research, recommended unsuitable trades, churned investments, and “engaged in breakpoint sales.” The complaint settled for $190,000.
In 2004 a customer alleged Douglas Hyer, while employed at Raymond James Financial Services, recommended unsuitable investments. The customer sought unspecified damages in the complaint, which was denied.
If you or someone you know has lost money investing with Douglas Hyer, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.