Schwartz Law is currently investigating claims against Donnie Eugene Ingram (CRD# 1416971) a/k/a Don Ingram of Ingram Financial Group. We are seeking information from anyone who has had dealings with Mr. Ingram or who has had similar investment-related losses when dealing with Mr. Ingram related to the sale of GWG L Bonds, and other unsuitable products such as Inland Western REIT, Bluerock Residential Growth REIT and MacKenzie Realty Capital.
Who Is Donnie Ingram?
Donnie Eugene Ingram is a broker and investment advisor who was formerly registered with Centaurus Financial, Inc., Ingram Financial Group, Inc. and Ingram Advisory Services, LLC and located in Winter Haven, Florida. He is the subject of several regulatory sales practice abuse investigations and customer claims. Ingram was previously registered with Investors Capital Corp. and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Regulatory Investigation and Customer Complaints
FINRA recently announced a settlement between it and Centaurus Financial, Inc., Mr. Donnie Ingram’s former broker-dealer, based on allegations of moving clients’ investments into a unit investment trust (“UITs”) when more affordable options were available to the clients. UITs are publicly offered to investors and issue securities, known as “units” that represent interest in a securities portfolio that is typically not actively traded until a specified date when the securities are sold, with the profits paid out to investors.
The investigation and settlement with Centaurus and Mr. Ingram were due to customer complaints filed in September 2022, in which FINRA argued Mr. Ingram subjected clients to unnecessary fees while the firm failed to properly supervise him. Mr. Ingram also has a Registered Investment Advisory firm called Ingram Advisory Services. When he joined Centaurus in 2016, most of Mr. Ingram’s Centaurus clients also were those of Ingram Advisory Services, with advisory and brokerage accounts.
The FINRA Complaint indicates that in 2008, Mr. Ingram hired a chief compliance officer for Ingram Advisory Services. This individual also served as the branch manager for Mr. Ingram’s Centaurus branch office.
Starting in September 2016 – 2018, Mr. Ingram allegedly recommended that eighty one (81) customers purchase 595 “standard” version UITs. UITs are publicly offered to investors and issue securities, known as “units” that represent interest in a securities portfolio that is typically not actively traded until a specified date when the securities are sold, with the profits paid out to investors.
Customers can purchase either fee-based or standard UITs, even if the customer’s account is held at a broker-dealer. Typically, fee-based UITs are less expensive, because sponsors will waive certain sales charges. By recommending the standard UITs, Mr. Ingram’s customers paid those sales charges, incurring more than $300,000 in unnecessary expenses.
Additionally, Mr. Ingram recommended clients purchase a number of real estate investment trusts (“REITs”) and other offerings through Centaurus, instead of through his advisory firm. Mr. Ingram voluntarily resigned from Centaurus in 2020.
As a part of the settlement, Centaurus agreed to a censure and $50,000 fine (with Ingram acquiescing to a six-month suspension and $15,000 fine though he’s not currently registered with any firms).
Mr. Ingram’s FINRA Public Disclosure shows that he is referenced in ten (10) other customer initiated investment related disputes concerning his conduct while associated with securities broker dealers, including Investors Capital Corp.
Recovering Money Lost by Donnie Ingram of Ingram Advisory Services
If you suffered losses related to investments made through Donnie Ingram, Ingram Advisory Services, Ingram Financial Group or Centaurus Financial, we would like to hear from you. Contact us to discuss your legal rights and potential options to recover losses. The Schwartz Law Firm represents investors in claims against third parties, including financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at [email protected].
