Concorde Investment Services Review – Complaints, Regulatory History & Lawsuit Investigations

The White Law Group is investigating potential FINRA arbitration claims involving Concorde Investment Services (CRD #151604 / SEC #8-68388), a full-service broker-dealer and registered investment advisor headquartered in Livonia, Michigan. Concorde has been a FINRA member since August 2010.

According to FINRA BrokerCheck, the firm has 4 disclosure events on its record, all regulatory actions. Concorde has also been connected to multiple broker misconduct cases, investor complaints, and arbitration claims, including a fast-moving 2026 matter tied to the collapse of Inspired Healthcare Capital.

Update: Concorde Named in Inspired Healthcare Capital Bankruptcy Proceedings

Inspired Healthcare Capital (IHC), a Scottsdale, Arizona-based sponsor of senior living private placements and Delaware Statutory Trusts, filed for Chapter 11 bankruptcy protection in February 2026, reporting estimated liabilities between $1 billion and $10 billion. The filing followed a July 2025 suspension of investor distributions amid a formal SEC investigation and the shutdown of IHC’s in-house operating arm, Volante Senior Living. The case involves roughly 35 senior living communities across 14 states and more than 160 affiliated debtor entities, including 31 Delaware statutory trusts. Since 2016, IHC-sponsored entities have raised an estimated $1.2 billion from approximately 3,300 fund investors, 2,300 DST investors, and 200 development investors.

Concorde has told trade press that it approved only 3 of the roughly 40 deals sponsored by IHC for sale to its clients. At least two of those offerings, Inspired Senior Living of Augusta ST, LLC and Inspired Senior Living of Fort Myers ST, LLC, are among the entities that have themselves filed for Chapter 11 protection as part of the broader case.

As of mid-July 2026, a federal bankruptcy judge is weighing whether to freeze 66 investor FINRA arbitration claims filed against the broker-dealers that sold IHC investments, including Concorde, and against IHC’s former CEO. A Concorde employee was named as a witness in a July 14, 2026 hearing on that question, and a ruling was expected July 22, 2026. This litigation is ongoing and the outcome may affect how and when affected investors can pursue claims, so investors with IHC-related losses through Concorde should consult an attorney promptly to evaluate their options and any applicable deadlines.

Unsuitable GPB Capital Recommendations (November 2024)

FINRA censured and fined Concorde Investment Services for allegedly failing to supervise recommendations involving high-risk GPB Capital Holdings LLC investments. From 2015 to 2018, six clients with conservative or moderate risk tolerances were reportedly sold unsuitable GPB limited partnership investments. Some senior clients were advised to invest over 30% of their net worth in alternative products, exceeding the firm’s own guidelines.

Violations cited:

• FINRA Rule 3110 (Supervisory Systems)
• FINRA Rule 2111 (Suitability)

Sanctions included a $110,000 fine and restitution of $20,382.39 plus interest to three customers.

Private Placement Sales Violations (July 2023)

FINRA censured and fined Concorde $175,000, ordering disgorgement of $58,278 in commissions plus interest, over alleged violations in three private placement offerings sold between December 2020 and December 2021.

The firm allegedly:

• Sold offerings under Rule 506(b) of Regulation D without establishing substantive relationships with 45 prospective investors.
• Maintained inadequate written supervisory procedures regarding general solicitation rules.

Firm Failed to Supervise a Suspended Broker’s Undisclosed Business (July 2020)

Concorde was fined $300,000 and ordered to pay $76,344.20 in restitution plus interest after FINRA found the firm failed to reasonably supervise a registered representative who allowed her then-suspended husband, later identified in industry reporting as former Concorde broker Richard Cody, to conduct securities business with Concorde clients and make unsuitable trades between 2014 and 2016. Concorde’s then-Chief Compliance Officer, Kimberlee Levy, was separately suspended for four months in a principal capacity and fined $10,000 for failing to act on internal warnings that the arrangement was underway.

Broker Misconduct & Customer Complaints

Several Concorde brokers have faced serious allegations:

• Richard Cody (CRD#: 2794558) – Former Concorde broker sentenced in 2019 to two years in prison for defrauding retired clients by concealing losses in their retirement accounts. The SEC separately barred Cody in March 2019 after he pleaded guilty to investment adviser fraud and making false declarations to federal investigators. Registered with Concorde from 2014-2016; has 35 disclosures.
• David Jon Zupek (CRD#: 2250376) – Concorde broker in Racine, WI, with six disclosures, including multiple settled disputes and a May 14, 2025 FINRA regulatory action. Allegations include breach of fiduciary duty, negligence, and unsuitable investment recommendations. Settlements have reached $68,500.
• Alan Bartlett Harrison (CRD#: 1616987) – Concorde broker with four disclosures, including three pending disputes in 2024-2025 for negligence and fraud, plus a May 14, 2025 FINRA regulatory action.
• Barry William LeMay (CRD#: 306332) – Former Concorde broker with 13 disclosures, including multiple settled disputes and a May 14, 2025 FINRA regulatory action. Allegations include negligence, breach of fiduciary duty, unsuitable investments, and misrepresentation, with settlements as high as $299,000.

FINRA Arbitration Claims Filed by The White Law Group

March 2026 – The White Law Group filed a FINRA claim against Concorde on behalf of a couple in their 80s from Laguna Niguel, California, alleging that Concorde and its registered representative recommended and sold a portfolio of complex, illiquid alternative investments, including direct participation programs and Delaware Statutory Trust offerings tied to Inspired Healthcare Capital, that were unsuitable given the couple’s age, conservative objectives, need for liquidity, and risk tolerance. Damages sought: $500,000 to $1,000,000. Read more about the claim involving IHC.

Failure to Supervise & Broker Due Diligence

Brokerage firms are required under FINRA Rule 3110 (Supervision) and Rule 2111 (Suitability) to:

• Perform thorough due diligence on investments before recommending them.
• Ensure recommendations align with a customer’s risk tolerance, investment objectives, and financial situation.
• Monitor broker activity for red flags and promptly address potential misconduct.

Failure to maintain these standards can result in firm liability for investor losses in FINRA arbitration.

Potential Lawsuits to Recover Investment Losses

If you invested with Concorde Investment Services and suffered losses due to unsuitable recommendations, misrepresentation, broker misconduct, or exposure to Inspired Healthcare Capital offerings, you may have a claim. The White Law Group has represented hundreds of investors nationwide in FINRA arbitration claims.

FAQs – Concorde Investment Services Complaints, Investigations & Lawsuits

1. How can I check if my Concorde Investment Services broker has complaints or regulatory actions?

You can search for your broker on FINRA’s free BrokerCheck database. This resource lists customer complaints, arbitration claims, regulatory actions, employment history, and licensing information for all registered brokers and investment advisers.

2. What types of investor claims have been filed against Concorde Investment Services?

Claims against Concorde have involved unsuitable investment recommendations, failure to supervise, negligence, breach of fiduciary duty, and misrepresentation, often tied to high-risk alternative investments such as GPB Capital, private placements, non-traded REITs, and, most recently, Inspired Healthcare Capital offerings.

3. Does the Inspired Healthcare Capital bankruptcy affect my ability to file a claim against Concorde?

Not necessarily. While a federal bankruptcy court is weighing whether to temporarily freeze certain investor FINRA arbitration claims connected to the IHC case, investors who purchased IHC-related offerings through Concorde, or who suffered losses through unrelated unsuitable recommendations, should still consult a securities attorney promptly, since deadlines and eligibility rules may still apply.

4. Can I recover my losses from Concorde Investment Services through FINRA arbitration?

Yes. If your losses were caused by misconduct or negligence, you may be able to recover them by filing a FINRA arbitration claim against the firm. The process can be complex, so working with an experienced securities attorney can significantly improve your chances of success.

Free Consultation

If you have suffered losses investing with Concorde Investment Services, call The White Law Group at 888-637-5510 or visit whitesecuritieslaw.com for a free case evaluation.