Securities Arbitration Lawyer Blog
A FINRA customer complaint involving Dempsey Lord Smith broker Raymond Sun alleges elder financial abuse as defined by the Welfare and Institutions Code under California law. The claim seeks $1.2 million in damages, including $900,000 in punitive damages. The claim, which was filed on August 28, 2020, is related to Sun’s previous association with Sandlapper Securities, LLC.
FINRA expelled Sandlapper Securities, LLC from the securities industry in June 2020.
Iorio Altamirano LLP is currently investigating claims on behalf of defrauded investors who were victims of the GPB funds scheme. GPB Capital sold unregistered and high commission limited partnership interests in eight alternative-asset investment funds. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, both Sandlapper Securities, LLC, and Dempsey Lord Smith, LLC likely received sales compensation for selling the GPB funds to retail investors.
The customer complaint listed on Sun’s CRD involves investments in limited partnership interests. It is unclear whether the claim is linked to the GPB funds or other private placement offerings.
Read more about our firm’s investigation into Sandlapper Securities, LLC and Dempsey Lord Smith, LLC.
If you have lost money with broker Raymond Sun, Sandlapper Securities, LLC, or Dempsey Lord Smith, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Raymond Sun (CRD#: 5045962)
Sun has 14 years of experience in the securities industry and has been registered as a broker with Dempsey Lord Smith, LLC in Calhoun, GA, since April 2019.
He was registered with Sandlapper Securities, LLC in Irvine, CA , between November 2007 and April 2019.
Arbitration Claim
Sun’s CRD shows a pending customer complaint alleging violations of California’s Welfare and Institutions Code, section 15610.30(2) and 15657.6.
The claim seeks $292,000 in compensatory damages plus interest of $61,000 and punitive damages of $900,000.
Section 15610.30 defines elder financial abuse, in relevant part, as follows:
- (a) “Financial abuse” of an elder or dependent adult occurs when a person or entity does any of the following: (2) Assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.
Section 15657.6 further modifies the rule:
- A person or entity that takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining the real or personal property of an elder or dependent adult when the elder or dependent adult lacks capacity pursuant to Section 812 of the Probate Code, or is of unsound mind, but not entirely without understanding, pursuant to Section 39 of the Civil Code, shall, upon demand by the elder or dependent adult or a representative of the elder or dependent adult, as defined in subdivision (d) of Section 15610.30, return the property and if that person or entity fails to return the property, the elder or dependent adult shall be entitled to the remedies provided by Section 15657.5, including attorney’s fees and costs. This section shall not apply to any agreement entered into by an elder or dependent adult when the elder or dependent adult had capacity.
How to Recover Losses or Obtain a Free Consultation
Iorio Altamirano LLP represents investors in disputes with their financial advisors or brokerage firms, such as Sandlapper Securities, LLC and Dempsey Lord Smith, LLC.
If you have lost money with broker Raymond Sun, Sandlapper Securities, LLC, or Dempsey Lord Smith, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.