Marcus Beasley – Financial Advisor/Broker Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Marcus Beasley is a previously licensed financial advisor with W&S Brokerage Services, Inc. and Allstate Financial Services, LLC.
According to FINRA, Marcus Beasley was fined $12,500 and suspended from the securities industry for seven months in October 2020.
According to FINRA Allegations:
Beasley consented to the sanctions and to the entry of findings that he engaged in outside business activities without providing prior written notice to his member firms. The findings stated that Beasley incorporated a limited liability company and served as its chief executive officer. The incorporation documents for the company stated that its purpose was to market financial services products to groups, associations, clubs, organizations, companies, families and individuals. Beasley personally invested $40,000 in the company and attempted to establish it, through its website, as a financial services marketplace to provide financial counseling services and to connect subscribers with other financial services. In exchange, the company hoped to earn periodic subscriber fees. The company also used its website and other means to try to obtain partners and/or investors. The company was not able to obtain subscribers or investors. Beasley also incorporated a holding company whose stated purpose was to hold and trade assets of the limited liability company. Beasley falsely attested to a firm in written certifications that he was not engaging in any outside business activities. Beasley also engaged in outside business activities in connection with a ministry in which he served as the lead organizer and administrator. The ministry’s activities included speaking engagements to church audiences regarding financial investment subjects for which Beasley occasionally received fees as well as the marketing and sale of a financial services book he had written, for which he also occasionally received fees. Beasley did not disclose this business to any of his firms until he disclosed it to one of the firms in April 2019. The findings also stated that Beasley made a false statement to potential investors and subscribers in the limited liability company. While the company was soliciting potential partners and investors, Beasley stated on its website that, based on industry standards and company projections, the average annual gross income for partners in the company is projected to be anywhere between $500 and $2,000. This statement was false and misleading in that the company did not have any partners who generated any revenue at any time through the company and there was no factual basis for this income projection. The findings also included that Beasley violated FINRA’s content standards for communications with the public. Beasley established and maintained the company website and published that the company was a brokerage, financial advisory and consulting firm. Since the company was not a broker-dealer, Beasley’s claim was false and misleading. Beasley solicited investors on an outside social media website to invest $250,000 in the company in exchange for a 20 percent equity stake in the company. The solicitation was unclear about what type of transaction was being offered, or how it was structured, and therefore failed to provide a sound basis for evaluating the investment and omitted significant, material information, causing the communication to be misleading. The solicitation further did not properly identify or disclose the potential risks and investment considerations of the proposed investment. At no time thereafter did Beasley provide any additional information to potential investors about his investment proposal. In the same solicitation, Beasley stated that the company had 25 partners across multiple states. This statement was false and misleading because the company did not have any partners.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with Marcus Beasley and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Marcus Beasley’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $200 million on behalf of victimized investors. If you lost money on investments with Marcus Beasley and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 10/22/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.