Concorde Investment Services Regulatory Review 

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 of which are regulatory actions. Concorde has also been connected to multiple broker misconduct cases, investor complaints, and arbitration claims.

Unsuitable 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

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.

Prior FINRA Sanctions

July 2020 – Concorde was fined $300,000 and ordered to pay $76,344.20 in restitution plus interest. A compliance officer was suspended for four months and fined $10,000.

FINRA alleged the firm failed to supervise a representative who allowed her then-suspended husband to conduct securities business with Concorde clients and make unsuitable trades between 2014–2016.

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. 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 Against Concorde

May 2022 – The White Law Group filed a FINRA claim against Concorde on behalf of two Oregon retirees, alleging common law fraud, breach of fiduciary duty, negligence, and negligent supervision tied to high-risk, illiquid alternative investments such as non-traded REITs. Damages sought: $100,000 to $500,000.

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, or broker misconduct, 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, and non-traded REITs.

3. 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.