Former Orem, Utah broker Clark Gardner has been barred by FINRA and the SEC
In June, 2016 the SEC announced a bar against former Sammons Securities and Cetera Advisors broker Clark Gardner. This followed on the heels of a bar issued by FINRA in 2014. The FINRA bar related to Gardner’s outside business activities, and sales of unregistered securities. That year, in May, 2014 Gardner was discharged by Cetera Advisors with allegations pending that he failed to disclose his outside business activities and sold unapproved products.
Gardner, of Orem Utah consented to the entry of findings against him in the SEC action. The SEC proceeding was filed shortly after Gardner plead guilty to securities fraud in Utah District Court, and was sentenced to between one and fifteen years in prison, with the sentence suspended by the court.
Gardner plead guilty to charges that he obtained money from clients using false and misleading representations and engaged in a practice or course of business that acted as a fraud or deceit on his clients.
As a result of this guilty plea the SEC commenced proceedings, which resulted in a bar against Gardner.
Clark Gardner’s name has recently surfaced as part of a separate SEC investigation into The Falls Event Center in Trolley Square in SLC. Entrepreneur Steve Down has received subpoenas from the SEC in relation to an investigation into the (alleged) sales of unregistered securities. Clark Gardner works for one of Steve Down’s companies, Financially Fit, one of the companies that received an SEC subpoena.
Registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. Clark Gardner was registered with Sammons Securities from February, 2002 to December, 2013 and with Cetera Advisors from December, 2013 to May, 2014.
According to FINRA’s CRD disclosure report, Clark Gardner has been the subject of two customer complaints and three regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.