SagePoint Financial Complaints, Regulatory Review

SagePoint Financial (Osaic) Broker Review & Investor Lawsuits

Featured by top securities fraud attorneys, The White Law Group

SagePoint Financial, now operating under the name Osaic Wealth, has a significant regulatory history involving broker misconduct, customer complaints, and FINRA sanctions. If you have suffered investment losses with SagePoint or Osaic, this review may help you understand your legal options for financial recovery.

About SagePoint Financial / Osaic Wealth

• CRD#: 133763
• SEC#: 801-64721, 8-66771
• Headquarters: Phoenix, Arizona
• Assets Under Management (AUM): $17 billion (per Smart Asset)

In 2023, SagePoint Financial rebranded along with seven other broker-dealers under the new name Osaic Wealth, Inc. This consolidation aimed to streamline operations and unify branding under a large independent broker-dealer network.

Regulatory History of SagePoint Financial

According to FINRA BrokerCheck, SagePoint Financial has 37 disclosure events, including 26 regulatory actions and 11 arbitration claims. These events reflect a troubling pattern of supervisory failures and alleged broker misconduct.

Recent Broker Misconduct & Regulatory Sanctions

David Victor Tall – Barred by FINRA (2024) CRD#: 1314547 Formerly registered with SagePoint and Osaic Wealth. Barred for refusing to cooperate in a FINRA investigation. Terminated by Osaic in December 2023 for executing unauthorized promissory notes. 37-year industry veteran.

Juan Sosa – Barred by FINRA (March 2024) Accused of converting $331,000 from an elderly customer’s trust. Registered with SagePoint from 2005–2022 in Studio City, CA. Four customer disputes alleging unsuitable investments. Resigned following internal investigation.

David Melilli – Barred by FINRA (April 2021) Based in Moorestown, NJ. Allegations include unauthorized trading, excessive transactions, and use of discretion without written authorization.

Notable Regulatory Sanctions Against SagePoint Financial

• Supervisory Failures (2013–2021): FINRA censured and fined SagePoint $700,000 for failing to escalate discipline after issuing over 1,500 letters to more than 700 reps.
• 529 Plan Overcharges: In 2023, fined and censured for failing to apply waivers on rollovers; ordered to pay $156,903.93 + interest. Similar issues in 2021 led to $63,274.73 in restitution.
• GPB Capital Holdings Sales: In 2022, fined $60,000 and ordered to pay $325,475.66 + interest for selling $4.95 million in GPB investments despite disclosure delays.
• Margin Trading Failures: In September 2022, fined $35,000 and paid $51,830.24 in restitution for failing to supervise unsuitable margin use.
• Variable Annuity Sales Violations (2013–2014): Fined $200,000 for failing to supervise share class recommendations.

FINRA Arbitration Claims & Lawsuits

SagePoint Financial has been involved in at least 11 FINRA arbitration awards, typically involving allegations of negligence, breach of fiduciary duty, unsuitable investment recommendations, and failure to supervise.

The White Law Group filed a FINRA arbitration claim in February 2020 on behalf of an Idaho investor who was allegedly sold unsuitable oil and gas private placements by Atlas through SagePoint. The claim sought damages between $100,000 and $250,000.

Legal Options: How to Recover Investment Losses

Broker-dealers like SagePoint (now Osaic) have a duty to supervise their financial professionals. If your advisor engaged in misconduct or made unsuitable recommendations, the firm may be liable for losses due to negligent supervision. Investors may seek to recover their losses through FINRA arbitration, which can often be faster and more efficient than traditional litigation.

Free Consultation with a Securities Attorney

If you invested with SagePoint Financial or Osaic Wealth and have concerns, contact The White Law Group website or call us at 888-637-5510 for a free consultation. Our experienced FINRA arbitration lawyers have handled over 700 claims nationwide, including securities fraud, unauthorized trading, overconcentration, and unsuitable investment recommendations.

We represent investors across the country with offices in Chicago, IL and Seattle, WA.

FAQs about SagePoint Financial and Osaic Wealth

1. What happened to SagePoint Financial? In 2023, SagePoint rebranded under the Osaic Wealth name, along with several other broker-dealers, to form a unified national brand.

2. Can I sue my broker at SagePoint or Osaic? Possibly. If your broker engaged in misconduct or made unsuitable recommendations, you may have a valid claim for damages through FINRA arbitration.

3. What are signs of broker misconduct? Common red flags include excessive trading, unauthorized transactions, unsuitable investment recommendations, lack of communication, or a sudden drop in account value.