Tampa, FL – December 13, 2025 – Ian McElreath (CRD# 4754189), a former registered representative with Emerson Equity LLC, is facing investor allegations filed through FINRA arbitration. The complaint, filed in October 2025, alleges violations of federal securities laws, breach of fiduciary duty, fraud, and negligence in connection with real estate security investments. This article reviews the publicly available FINRA BrokerCheck disclosure and provides information for investors who may have experienced similar issues.
BrokerCheck Snapshot
Name: Ian McElreath
CRD #: 4754189
Firm: Foreside Fund Services, LLC (not currently registered)
Location: Tampa, FL
Years in Industry: 21
Number of Disclosures: 1
Customer Complaint Against Ian McElreath
According to FINRA BrokerCheck records, a customer dispute was filed against Ian McElreath on October 2, 2025 (FINRA Case #25-02052). The complaint is currently pending arbitration.
The claimant alleges the following:
- Violation of Federal Securities Laws
- Violation of the California Securities Act
- Breach of Contract
- Common Law Fraud
- Breach of Fiduciary Duty
- Negligence and Gross Negligence
The complaint involves real estate security products. While the alleged damages are listed as $0.00, the claimant seeks compensatory damages to be determined by the arbitration panel, as well as benefit of bargain damages, lost opportunity costs, model portfolio damages, prejudgment interest, costs, reasonable attorney’s fees, and punitive damages.
The complaint arose while McElreath was registered with Emerson Equity LLC in Tampa, Florida, where he worked from April 2021 to August 2023. McElreath has denied the allegations, stating that all investment recommendations were consistent with the client’s stated investment objectives and risk tolerance.
Pattern of Complaints and Risk Factors
While each case is unique, complaints of this type may indicate concerns related to unsuitable investment recommendations, inadequate risk disclosures, or a failure to supervise. Investors should carefully review account statements and seek legal guidance if similar issues occurred in their accounts.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments may be entitled to recover losses through FINRA arbitration.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. Investors who have experienced broker misconduct can pursue claims through this process.
Ian McElreath’s Registration History
According to his BrokerCheck record, Ian McElreath has been in the securities industry since 2004. His registration history includes:
- Foreside Fund Services, LLC (Portland, ME) – September 2023 to October 2025
- Emerson Equity LLC (Tampa, FL) – April 2021 to August 2023
- Ameritas Investment Company, LLC (Daytona Beach, FL) – November 2019 to April 2021
- Cantor Fitzgerald & Co. (New York, NY) – January 2016 to September 2019
- Realty Capital Securities, LLC (New York City, NY) – June 2009 to December 2015
- KBS Capital Markets Group LLC (Newport Beach, CA) – April 2007 to June 2009
- Pacific Select Distributors, Inc. (Newport Beach, CA) – March 2004 to April 2007
McElreath is not currently registered with any securities firm.
Related Brokers and Firms
If you lost money working with Ian McElreath or other registered representatives at Emerson Equity LLC, you may have legal options. Patil Law represents investors with claims involving various firms and investment fraud allegations. Real estate securities, including REITs and real estate funds, have been associated with numerous investor complaints. For more information about REIT losses, please review our practice area page.
Frequently Asked Questions
What is the complaint against Ian McElreath?
The complaint alleges violations of federal and California securities laws, breach of fiduciary duty, fraud, and negligence related to real estate security investments. The case is currently pending in FINRA arbitration.
Can investors recover losses involving Emerson Equity LLC?
Yes. Investors who experienced unsuitable recommendations, misrepresentations, or other forms of broker misconduct while working with Emerson Equity advisors may be entitled to recover losses through FINRA arbitration. The firm and its registered representatives are held to industry standards requiring suitable investment recommendations.
What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum where investors can bring claims against brokerage firms and financial advisors. It is typically faster and less expensive than court litigation. An arbitration panel reviews evidence and testimony before issuing a binding decision. Most securities customer agreements contain mandatory arbitration clauses.
What does “unsuitable investment” mean?
An unsuitable investment is one that does not align with an investor’s financial situation, investment objectives, risk tolerance, or investment time horizon. Brokers have a regulatory obligation to make suitable recommendations based on information they obtain from their clients. Recommending high-risk or illiquid investments to conservative or retired investors is a common form of unsuitability.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org. You can search by the broker’s name or CRD number. The system will display the broker’s employment history, qualifications, and any disclosure events, including customer complaints, regulatory actions, or criminal matters.
What should I do if I suspect broker misconduct?
First, document all account statements, communications, and investment recommendations you received. File a complaint with FINRA and your state securities regulator. Then, consult with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim. Time limits apply, so it’s important to act promptly.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money while working with Ian McElreath or any other broker at Emerson Equity LLC, Patil Law, P.C. can help. We offer a free, no-obligation consultation to review your situation and discuss your legal options.
Call us today at 800-950-6553 or email info@patillaw.com.
Our experienced securities attorneys are ready to fight for your rights and help you pursue recovery through FINRA arbitration.
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
