A lawsuit has been filed by Fob James Law Firm in the Houston County Circuit Court against former Dothan financial advisor James Blake Daughtry.
According to information obtained from the law firm, the lawsuit alleges Daughtry and other conspirators forged signatures, opened fraudulent accounts, transferred retirement savings into sham entities, and stole millions of dollars of clients’ retirement savings.
Six retirees from Dothan and the Florida Panhandle area allegedly lost their life savings due to financial industry fraud.
The lawsuit also alleged breach of fiduciary duties and negligence on the part of two financial institutions, Kestra Investment Services LLC of Austin, Texas and Equity Trust Company of Westlake, Ohio.
“My clients are hardworking men and women,” Fob James IV said. “The money they have saved for retirement was earned from their conscientious labor over decades.”
According to James, the evidence associated with the case shows his clients were repeatedly lied to, their signatures forged, their retirement savings stolen, and their broker-dealers and financial institutions involved failed to stop it or warn his clients.
Daughtry was barred from the financial industry by the regulatory agency FINRA in March. He is a former Kestra registered representative. In addition to Daughtry, Kestra Investment Services LLC, and Equity Trust Company, the lawsuit also names defendants Graysail Advisors LLC, Small World Capital LLC, David Smalls, all of Jacksonville, Florida; and Jared Eakes of unknown parts.