Advisor Alert: Our Attorneys Are Investigating Phillip Lloyd Smelser For Investment Fraud
Did You Lose Money Because of Phil Smelser of Cambridge Investment Research?
Filed: October 20, 2023
Phil Smelser currently has been the subject of two (2) 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 Phil Smelser.
Who Is Phil Smelser of Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc.?
- Advisor Name: Phillip Lloyd Smelser
- Aliases: Phil Smelser
- CRD: 2338831
- Location: Burnsville, North Carolina
- Current Employer: Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc.
- Previous Firms: Householder Group, Estate & Retirement Specialists, AIG Financial Advisors, Inc., and Sunamerica Securities, Inc.
- Number of Known Customer Complaints: 2
- Can Phil Smelser Be Sued: Yes, in Private Arbitration
- Can Phil Smelser’s Employers Be Sued For Failing to Supervise His Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $600,000
- Highest Settlement: $410,000
If you have suffered investment losses by Phil Smelser, 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 Phil Smelser For Broker Misconduct
As of this publication date, Phil Smelser has been the subject of 2 customer disputes. Let’s review them below.
In June 2020, a FINRA arbitration was filed against or in reference to Phil Smelser by a customer of Cambridge Investment Research, Inc. alleging that Mr. Smelser sold unsuitable investments. The client also added Mr. Smelser’s alleged misrepresentation and other sales practice violations. Per the customer, they lost over $600,000 due to Mr. Smelser’s actions. On May 28, 2021, Mr. Smelser settled the claim for $410,000, and some or all of this amount may have been paid by Mr. Smelser’s employer and/or insurance carrier.
In January 2019, a FINRA arbitration was filed against or in reference to Phil Smelser by a customer of Cambridge Investment Research, Inc. alleging that Mr. Smelser recommended unsuitable investments and misrepresented and/or omitted material information. Per the customers, they lost over $100,000 due to Mr. Smelser’s actions. On March 5, 2020, Mr. Smelser settled the claim for $34,000, and some or all of this amount may have been paid by Mr. Smelser’s employer and/or insurance carrier.
How To File A Claim Against Phil Smelser of Cambridge Investment Research, Inc. and Cambridge Investment Research Advisors, Inc. (previously with Householder Group, Estate & Retirement Specialists, AIG Financial Advisors, Inc., and Sunamerica Securities, Inc.) To Get Your Money Back.
If you have questions about Phil Smelser, Cambridge Investment Research, Inc., Cambridge Investment Research Advisors, Inc., Householder Group, Estate & Retirement Specialists, AIG Financial Advisors, Inc., Sunamerica Securities, 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.