Publicly available records provided by the Securities and Exchange Commission (SEC) indicate that administrative proceedings were recently brought against broker/adviser, Robert Russel Tweed (CRD # 2339324) pursuant to Section 15(b) of the Securities Exchange Act of 1934 (“Exchange Act”) and Section 203(f) of the Investment Advisers Act of 1940 (“Advisers Act”). Specifically, on July 16, 2020, the SEC issued an Order barring Mr. Tweed from the securities industry after a final Judgement from an October 27, 2017 civil matter was entered against him on April 27, 2020.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Tweed.
Registration Background for Robert Russel Tweed
FINRA BrokerCheck (p. 5) for Mr. Tweed indicates he first became registered in the securities industry in 1993 as a broker The Investment Advisor Public Disclosure (IAPD) (p.5) for Mr. Tweed indicates he became registered as an investment adviser in 1998. He is/was the sole owner and President of Tweed Financial Services, Inc. (CRD # 135352), the manager of a pooled investment vehicle named the Athenian Fund, L.P. From September 2013 to October 2015. He was most recently registered as an investment advisor with CL Wealth Management LLC (CRD # 134922). His prior investment advisory registrations include Concorde Asset Management LLC (CRD # 140367) from September 2013 to November 2015, Capwest Securities, Inc. (CRD # 30002) from April 2011 to August 2011 and MAM Wealth Management, LLC (CRD # 124620) from November 2010 to April 2011.
Mr. Tweed was most recently registered as a broker with San Marino, CA based broker-dealer Cabot Lodge Securities LLC (CRD # 159712) from October 2015 to December 2019. His prior broker-dealer registrations include Concord Investment Services, LLC (CRD# 151604) from August 2011 to November 2015 and Capwest Securities, Inc. (CRD# 30002) from April 2011 to August 2011.
SEC’s Findings Against Robert Russel Tweed
The SEC’s July 16, 2020 Order in the proceedings against Mr. Tweed makes clear that in anticipation of the institution of the SEC’s administrative proceedings, Mr. Tweed submitted an Offer of Settlement (the “Offer”) in which he consented to, without either admitting to or denying, the following findings:
- “[Mr.] Tweed is the sole owner and President of Tweed Financial Services, Inc., the manager of a pooled investment vehicle named the Athenian Fund, L.P.”;
- “On April 27, 2020, a final judgment was entered by consent against Tweed, permanently enjoining him from future violations of Sections 206(4) of the Advisers Act and Rule 206(4)-8 thereunder, in the civil action entitled Securities and Exchange Commission v. Robert Russel Tweed, et al., Civil Action Number 17-cv-07251-FMO-E, in the United States District Court for the Central District of California”; and
- “The Commission’s complaint alleged that, in connection with the management of the Athenian Fund, a pooled investment vehicle, Tweed failed to timely disclose the loss of investors’ capital, failed to provide audited financial statements to investors, and otherwise engaged in conduct that misled investors.”
The SEC Sanctions Robert Russel Tweed
As a result of the above described offer and findings, the SEC’s July 16, 2020 Order also indicates that Mr. Tweed consented to the following sanctions:
- A bar from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or nationally recognized statistical rating organization.
- Barred from participating in any offering of a penny stock, including: actin in the capacity of a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.
Robert Russel Tweed has a History of Complaints
In addition to the civil judgment and SEC administrative proceeding, the IAPD for Mr. Tweed (page 24 – 40) reveals he has a history of 14 customer complaint(s) and/or arbitration(s) including but not necessarily limited to the following:
- On September 06, 2018 a customer initiated a complaint against Mr. Tweed regarding actions that allegedly occurred while he was associated with Cabot Lodge Securities. The customer alleged that their investment in Texas Energy Investments were bogus schemes, that resulted in damages in the amount of $150,000.00. The complaint was closed with no action on February 11, 2020.
- On July 9, 2019 a customer initiated an arbitration naming Mr. Tweed as a Respondent for acts that allegedly occurred while he was associated with Concord Investment Services, LLC. The customer alleged misrepresentation and suitability relating to direct investments (i.e. DPP’s and LP Interests). The customer alleged damages in the amount of $1,423,796.00. The arbitration is currently pending.
- On April 22, 2019 a customer initiated an arbitration naming Mr. Tweed as a Respondent. The customer alleged suitability regarding a real estate private placement security. The customer alleged damages in the amount of $500,000.00. The arbitration is currently pending.
- On May 5, 2018 a customer initiated complaint against Mr. Tweed regarding actions that allegedly occurred while he was associated with Concorde Investment Services, LLC. The customer alleged misrepresentation and poor performance relating to investments in Vertical US Recovery Fund II (the misrepresentation was alleged against the offeror). The customer alleged damages in the amount of $75,000.00. The complaint was closed with no action on July 1, 2019.
If you or someone you know has or had an investment advisory relationship or a brokerage account with Mr. Robert Russel Tweed and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
