The Financial Industry Regulatory Authority (FINRA) barred broker Gary Lee Cousino for declining to respond in any matter to a FINRA investigation into two lawsuits and an arbitration action filed against him stemming from several customer complaints.
Cousino is alleged to have engaged in unauthorized trading, fraud, unsuitability and breach of fiduciary duty while employed in the 2000s at First Allied Securities, Inc., with a branch in Mackinac Island, Michigan and its headquarters in San Diego, California.
Prior to his banishment from the securities industry, Cousino had been the subject of several allegations of misconduct, including fraudulent and negligent misrepresentation, unlicensed investment advisor activities and conspiracy for activities alleged to have occurred between 2006 and 2009.
A BrokerCheck report for Cousino places alleged damages at $2.95 million, with the resulting litigation taking place at the Boulder County District Court (Colorado).
In April of 2012, Cousino settled a separate case in arbitration with monetary compensation totaling $2 million.
If you have invested with Gary Lee Cousino or believe a broker or firm has engaged in fraudulent practices that have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.