Exploring the Investment Misconduct Allegations Against Jim Geake

Investigation Surrounding Skokie, IL Stockbroker, Jim Geake

Investors across Skokie, IL – this could be of utmost importance if you have appointed Mr. James Andrew Geake, better known as Jim Geake, as your professional stockbroker or financial advisor.

Currently associated with Madison Avenue Securities, Jim Geake holds a commendable record in his professional tenure, but several customer disputes linked to him have potentially tainted this bright portfolio.

Dissecting Jim Geake’s Professional Profile

With CRD 2629008, Geake is a renowned figure in Skokie’s financial sector. His record boasts experience under esteemed firms, including his previous association with American General Securities. However, with this vast experience also comes an array of allegations and disputes, which can raise multiple red flags if you’re an investor looking to employ his skills.

Jim Geake: Disputes and Alleged Misconduct

A disconcerting detail about Geake’s FINRA record is the staggering nine settled customer disputes that cumulatively have led to payouts exceeding $700,000. These disputes primarily emerged from Geake’s recommendations to Madison Avenue Securities’ customers to invest in alternative investments, including real estate, private capital, hedge funds, natural resources, and infrastructure assets. However, the most significant dispute, pending since November 2023, features a group of Madison Avenue Securities’ customers alleging unsuitable investment recommendations by Geake leading to investments over $1,1 million in NorthStar HealthCare REIT.

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Investigating Alternative Investments

Alternative investments attract several investors given their lucrative potential returns. However, these investments can also pose huge risks due to limited liquidity, higher fees, and fewer regulations. Therefore, financial advisors recommending these investments must ensure that their clients are well equipped to handle these risks.

Firms’ Obligations Under FINRA

Under FINRA Rules 3110 and 2090, brokerage firms and brokers must ensure that they comply with the suitability rule, which mandates that advisories must hold a reasonable belief that their recommendations align with their customers’ requirements. Moreover, brokers and firms need to report any complaints, disputes, and sanctions promptly. They’re also required to disclose any broker’s financial issues, such as personal bankruptcies, judgments, and liens.

Issues Raised Against Jim Geake

Customers of Jim Geake have raised several serious allegations regarding account handling. Key accusations include:

  • Unsuitable Investment Recommendations: including alternative investments and illiquid investments.
  • Annuity Switching: Allegations of unsuitable recommendations to invest in variable annuities.
  • Churning: Claims of excessive trading in 401K accounts.
  • Misrepresentation: Allegations of misinformation and opaque dealings.
  • Breakpoint Issues: Instances where customers didn’t receive mutual fund breakpoints.

What’s Next?

If you’ve suffered investment losses due to Jim Geake’s alleged misconduct, you might be eligible to recover these losses through the FINRA arbitration process. Consult with an experienced investment fraud lawyer to understand your potential recourse. While it’s essential to take immediate action, it’s also crucial to thoroughly examine your broker’s profile and track record before entrusting them with your investments.

With a suitable action plan and a watchful eye, you can safeguard your investments and steer clear of financial irregularities and misconduct in the future.


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