Stoltmann Law Offices is investigating Coastal Equities broker, Douglas Russell Bevers. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck page, Bevers has four customer complaints against him. One customer complaint alleges that he participated in unauthorized trading, and another, in 2003, alleges that Mr. Bevers churned his account. Churning is when a broker excessively trades in a client account, for the sole purpose of generating commissions for himself. Frequent buying and selling of securities that does little to meet the client’s investment objective can be evidence of churning. Also in 2003, Bevers was “permitted to resign” from Janney Montgomery Scott brokerage firm in Philadelphia, Pennsylvania, for violating firm policy.
Mr. Bevers was registered with Penn Mutual Equity Services, Inc. from January 1973 until September 1974, Fin-Plan Investments from October 1972 until October 1974, Merrill Lynch from July 1976 until October 1978, Elkins & Co. from November 1978 until November 1981, Janney Montgomery Scott from November 1981 until June 2003, and Boenning & Scattergood, Inc. from July 2003 until February 2014. He is currently registered with Coastal Equities, Inc., in Wilmington, Delaware, and has been since Febaruary 2014.
Douglas Russell Bevers’ former firm can be sued for failing to properly supervise him while he was employed there. If you invested money with Douglas Russell Bevers, please call our securities law office, based in Chicago, at 312-332-4200 to speak to an attorney. The call is free with no obligation. We concentrate on suing firms such as Boenning & Scattergood, and Coastal Equities for the illegal activities of their registered representatives like Douglas Russell Bevers. We sue them for allowing brokers like him to churn accounts and to make trades that are not authorized by you, the client.