Erez Law is currently investigating Cambridge Investment Research, Inc. broker Phillip Smelser (CRD# 2338831) regarding unsuitable investment recommendations. Smelser has been registered with Cambridge Investment Research, Inc. in Woodfin, North Carolina since 2008.
Smelser has been the subject of two customer complaints between 2019 and 2020, according to his CRD report:
June 2020. “SOC alleges the sale of unsuitable investments, misrepresentation and other sales practice violations.” The customer is seeking $600,000 in damages and the case is currently pending. The complaint was regarding mutual funds and real estate securities.
January 2019. “Claimant alleges unsuitable investment recommendations and misrepresentations and/or omissions of material information.” The customer sought $100,000 in damages and the case was settled for $34,000. The complaint was regarding mutual funds and real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cambridge Investment Research, Inc. may be liable for investment or other losses suffered by Smelser’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.