Ausdal Financial Partners Complaints 

Ausdal Financial Partners – Regulatory and Investor Concerns

The White Law Group is reviewing the regulatory history of Ausdal Financial Partners (CRD#: 7995 / SEC#: 801-69266, 8-24519), a Davenport, Iowa–based broker-dealer registered with FINRA since 1980. Although the firm reports only two disclosures on its BrokerCheck record (one regulatory event and one arbitration), numerous cases involving former Ausdal brokers raise concerns about compliance, supervision, and investor protection. Regulatory actions, arbitrations, and customer complaints can significantly impact a firm’s reputation and expose investors to substantial risks.

Broker Misconduct and Investor Complaints

Broker-dealers such as Ausdal Financial Partners are legally required to supervise their registered representatives. When brokers engage in misconduct or make unsuitable recommendations, the firm itself may be held liable for investor losses.

Randall Alan Heller – Barred Broker

Randall Alan Heller (CRD#: 1209975), also known as Randy Heller, was barred by FINRA in April 2024. Regulators alleged that Heller impersonated clients in phone calls and later refused to cooperate with FINRA’s investigation. Over his 33-year career, he was registered with nine firms and accumulated three disclosures, including a 2015 unsuitable investment complaint that settled for $15,000.

David Geake – Barred in 2023

In July 2023, FINRA barred former Ausdal broker David Geake for “selling away” and misusing client funds. Allegations included soliciting elderly clients to pledge securities as collateral for a $2.5 million loan, leading to significant losses. Geake has at least 25 customer complaints on record.

Richard “Guy” Duncan – SEC Fraud Charges

In 2019, the SEC charged former Ausdal advisor Richard “Guy” Duncan with fraud after he sold over $300,000 in a Turkish investment scheme despite warnings from banks that the investment was likely a scam. In June 2022, the SEC found Duncan breached his fiduciary duty by concealing these risks and conflicts of interest.

FINRA Arbitration Claims Against Ausdal

The White Law Group has represented investors in FINRA arbitration claims against Ausdal Financial Partners.

In July 2022, the firm filed a claim on behalf of four Illinois families alleging fraud, negligence, breach of fiduciary duty, and negligent supervision. The case involved unsuitable recommendations of GWG L Bonds—high-risk securities issued by GWG Holdings, which filed for Chapter 11 bankruptcy in April 2022 after missing millions in interest payments.

FINRA Disciplinary Actions

• December 2012 – FINRA censured and fined Ausdal $25,000 for failing to retain required business-related email correspondence from 2008 through 2011.

These actions underscore repeated compliance challenges that raise investor protection concerns.

Investor Recovery Options

Investors with losses tied to Ausdal Financial Partners may have options to recover damages.

• FINRA Arbitration – Most brokerage disputes are resolved through FINRA arbitration, which is typically faster and more cost-effective than court litigation.

• Class Action Lawsuits – Often pursued when many investors have smaller claims that would not be economical to arbitrate individually.

How The White Law Group Can Help

The White Law Group is a national securities fraud and investor protection law firm with offices in Chicago, Illinois, and Seattle, Washington. With more than 30 years of experience and over 800 FINRA arbitration cases handled, the firm helps investors nationwide pursue claims against brokerage firms for losses due to fraud, misrepresentation, and failure to supervise.

Free Consultation: If you have suffered investment losses with Ausdal Financial Partners, call The White Law Group at 888-637-5510 for a free consultation.

FAQs – Ausdal Financial

1. Why was Randall Heller barred by FINRA?

FINRA barred Heller in April 2024 after allegations that he impersonated clients during phone calls and refused to provide documents in an investigation.

2. What kinds of investments has Ausdal been linked to?

Ausdal brokers have been tied to risky alternative products, including GWG L Bonds and questionable private placements, some of which resulted in significant investor losses.

3. Can investors recover losses from Ausdal Financial Partners?

Yes. Investors may pursue claims through FINRA arbitration if they experienced losses due to unsuitable recommendations, misrepresentation, or supervisory failures by the firm or its brokers.