Douglas Wayne Studer : Elder Financial Fraud Alert

An alleged inheritance of a client’s condo led to the Florida broker’s downfall

In 2001, Douglas Studer started working for Prime Capital Services, Inc. in Port Richey, Florida, which began his 15-year career. That career ended in September of 2016 after an investigation by the Financial Industry Regulatory Authority (FINRA). FINRA found that Studer had violated his firm’s policy by being named in a client’s estate documents to inherit the client’s waterfront condominium.

Studer didn’t admit or deny the allegations against him, but he did agree to the sanctions, which make him ineligible to act as a broker or have anything to do with firms that sell securities to the public.

After Prime Capital, Studer worked for five additional firms, all in Florida: H&R Block Financial Advisors, Inc. in New Port Richey; VSR Financial Services, Inc. in Apollo Beach; Prime Capital again, this time out of Tampa; National Securities Corp. in Aventura; and Kovack Securities Inc. in Fort Lauderdale.

In addition to the charges that have resulted in a ban, Studer had two more customer complaints levied against him, including one that accused him of unauthorized trading. Brokers are required to have authorization from their customers to buy or sell securities, and if they don’t, damages could be awarded. In this instance, Studer’s client was granted over $60,000 after the complaint.

To find out more about Douglas Studer and the charges against him, you can read the BrokerCheck report created by FINRA.

Unauthorized trading is a serious offense, and if Douglas Studer handled your investments, you need to know that he followed your instructions implicitly. If you suspect he didn’t or was involved in other unauthorized practices, get in touch with the Silver Law Group.

Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group, and our attorneys have many years of experience dealing with investment fraud cases and securities arbitration. We may be able to help and we represent our clients on a contingency-fee basis, which means we don’t get paid unless you recover funds. For a free consultation, just fill out our online contact form.