Advisor Alert: Our Attorneys Are Investigating Joseph Farrell Beam For Investment Fraud
Did You Lose Money Because of Joseph Beam?
Filed: March 4, 2024
Joseph Beam currently has three (3) pending customer complaints. Overall, he has been the subject of five (5) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Joseph Farrell Beam.
Who Is Joseph Farrell Beam?
- Advisor Name: Joseph Farrell Beam
- Aliases: Joseph Beam
- CRD: 5407778
- Location: Flat Rock, North Carolina
- Current Employer: Currently Not Registered
- Previous Firms: Capital Investment Group, Inc. and Suntrust Investment Services, Inc.
- Number of Known Customer Complaints: 5
- Can Joseph Beam Be Sued: Yes, in Private Arbitration
- Can Joseph Beam’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $160,000
- Highest Settlement: $60,000
If you have suffered investment losses by Joseph Beam, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Joseph Beam For Broker Misconduct
As of this publication date, Joseph Beam has been the subject of 5 customer disputes. Let’s review them below.
In November 2023, a FINRA arbitration was filed against or in reference to Joseph Beam by a customer of Capital Investment Group, Inc. alleging product recommended and purchased by clients, GWG Holdings, Inc., was unsuitable in nature. Allegations include breach of contract and warranties, violation of state securities statutes, breach of fiduciary duty, claims under common law, and vicarious liability. For the purpose of full transparency, although the representative was not named as a respondent, he was clearly referenced in the Statement of Claim. Per the customer, he/she lost over $100,000 because of Mr. Beam’s actions. As of this publication date, this claim remains pending.
In February 2023, a FINRA arbitration was filed against or in reference to Joseph Beam by a customer of Capital Investment Group, Inc. alleging breach of written contract, breach of fiduciary duty and rescission. Per the customer, he/she lost over $125,000 because of Mr. Beam’s actions. As of this publication date, this claim remains pending.
In November 2022, a FINRA arbitration was filed against or in reference to Joseph Beam by a customer of Capital Investment Group, Inc. alleging misrepresentation and unsuitability of an investment in GWG Holdings, Inc. Per the customer, he/she lost over $160,000 because of Mr. Beam’s actions. On January 12, 2024, Mr. Beam settled the claim for $60,000, and some or all of this amount may have been paid by Mr. Beam’s employer and/or insurance carrier.
In July 2022, a FINRA arbitration was filed against or in reference to Joseph Beam by multiple customers of Capital Investment Group, Inc. alleging that product recommended and purchased by clients was unsuitable in nature. For the purpose of full transparency, although the representative was not named as a respondent, he was clearly referenced in the Statement of Claim. Per the customers, they lost over $80,000 because of Mr. Beam’s actions. As of this publication date, this claim remains pending.
In July 2022, a FINRA arbitration was filed against or in reference to Joseph Beam by multiple customers of Capital Investment Group, Inc. alleging that product recommended and purchased by clients, GWG Holdings, Inc., was unsuitable in nature. For the purpose of full transparency, although the representative was not named as a respondent, he was clearly referenced in the Statement of Claim. Per the customers, they lost over $80,000 because of Mr. Beam’s actions. On September 25, 2023, Mr. Beam settled the claim for $32,500, and some or all of this amount may have been paid by Mr. Beam’s employer and/or insurance carrier.
How To File A Claim Against Joseph Beam (previously with Capital Investment Group, Inc. and Suntrust Investment Services, Inc.) To Get Your Money Back
If you have questions about Joseph Beam, Capital Investment Group, Inc., Suntrust Investment Services, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.