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Ralph Thomas Gannett Suspended for Inadequate Due Diligence Related to Private Placement Sale

The Financial Industry Regulatory Authority suspended Ralph Thomas Gannett, most recently of Independent Financial Group, LLC, for effecting inappropriate sales of a private placement offering to customers while with the now-defunct FINRA-member firm Cullum & Burks Securities, Inc.

FINRA Case #2010022294901

In 2008, Gannett sold the MPFC VI private placement offering of Medical Capital Holdings, Inc. of Anaheim, California for a combined $250,000 investment. According to FINRA, Gannett did not conduct adequate due diligence regarding the MPFC VI offering insofar as Gannett's recommendation of MPFC VI was unsuitable for the customers to which he sold the offering.

Specifically, FINRA alleged Gannett knew Medical Capital had previously missed interest payments and defaulted on related products, yet despite this knowledge, Gannett recommended the product to his customers without identifying the serious red flags associated with MPFC VI that made the offering unsuitable for customers.

If you have invested with Ralph Thomas Gannett or any broker who has provided unsuitable recommendations of Medical Capital's MPFC VI or any other offering whose riskiness was higher than advertised, and such inadequate due diligence has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.