Clay Hoffman was a Georgia based securities broker. He worked in the securities industry for fourteen years. During his career, he was registered with four different securities firms.
His registrations included; Edward Jones (2001-2007), Merrill Lynch (2007), Suntrust Investment Services (2007-2013), and Summit Brokerage Services (2013-2016). He is no longer working as a registered securities broker in any fashion.
Clay Hoffman’s publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.
In April 2013, a customer alleged she had no idea what was going on in her account while Hoffman was her broker. She also alleged unauthorized trading. This case was settled for $80,000 in damages.
In July 2013, a customer alleged that Clay Hoffman put her in unsuitable mutual fund investments. This case was settled for $26,316 in damages.
In December 2014, a customer alleged unauthorized trading, fraud, fund conversion, negligent misrepresentation, breach of contract, breach of fiduciary duty, and unauthorized trading. This case was settled for $60,000 in damages.
In April 2015, a customer alleged that they experienced losses due to improper suitability, unauthorized trading, and misrepresentation. This case was settled for $90,000 in damages.
In February 2016, he was officially sanctioned by FINRA. The findings in this matter state that he executed discretion in a customer’s account without written authorization from the customer, or having his member firm accept the account as discretionary. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker for a period of fifteen business days. His registration was officially revoked after failing to pay the fine.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Clay Hoffman, please contact Oakes & Fosher for a free and private consultation.