PHILADELPHIA, PA, USA, July 9, 2024 /EINPresswire.com/ — National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of barred financial advisor Austin Dutton Jr. (CRD# 2739167), who is facing several pending customer complaints which allege $600,000 in collective investor damages. The law firm urges customers who suffered investment losses with Austin Dutton to contact the firm immediately at 888-997-9956.
KlaymanToskes previously reported that the firm has filed a Financial Industry Regulatory Authority (“FINRA”) arbitration claim (no. 24-00326) against American Trust Investment Services and Newbridge Securities, on behalf of a retired Philadelphia police detective who is seeking to recover damages of up to $500,000, in connection with being recommended to invest in high-risk and speculative Alternative Investments, including GWG L Bonds, by his financial advisor Austin Dutton Jr.
According to the claim filed by KlaymanToskes, the customer was first introduced to Austin Dutton when he came to the police station to make a presentation to fellow officers. KlaymanToskes’ investigation has found that Dutton reportedly offered retirement consultation services to retired members of the Philadelphia Fraternal Order of Police and the Philadelphia Firefighters and Paramedics Union.
In 2021, FINRA initiated a formal investigation of Dutton and recommended that disciplinary action be brought against the broker. On June 8, 2022, Austin Dutton Jr. failed to respond to a request from FINRA and his license as a broker was suspended. In July 2023, Dutton was indefinitely suspended by FINRA after he failed to pay an arbitration award where he was found liable for the sale of unsuitable alternative investments to his customers.
In June 2024, Dutton was permanently barred from acting as a broker by FINRA for recommending unsuitable illiquid alternative investments to several customers, most of whom were retired or approaching retirement, falsifying his firm’s records, and failing to respond to FINRA’s investigative requests.
According to FINRA BrokerCheck, Dutton has 31 customer complaints, and following his departure from the industry, Austin’s son Andrew Dutton reportedly took over the customers’ accounts.
Former customers of Austin Dutton Jr. and/or Andrew Dutton who suffered investment losses are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com