Broker Patrick Mendenhall Subject of Two Disputes Totaling $8M

Patrick Mendenhall (Patrick Michael Mendenhall CRD# 1068809) is a registered broker and investment advisor currently registered with USCA Securities LLC (CRD# 103789) of Houston, TX. His previous employers include USCA RIA LLC (CRD# 152170) and UBS Financial Services Inc. (CRD# 8174), also of Houston, and Smith Barney, Harris Upham & Co., Incorporated (CRD# 7059), of New York, NY. He has been in the industry since 1982.

Mendenhall’s CRD has four disclosures, the earliest one dating back to 2000. The most recent was filed on 1/12/2024, alleging that Mendenhall “missed” several opportunities with a particular investment, leading to losses.  According to Mendenhall’s securities license report, the client has a 30-year business relationship with Mendenhall, has “decades of experience recruiting for the financial services industry,” a $20 million net worth, and is also a sophisticated and experienced investor. The client requests damages of $5,000,000; the claim is currently “pending.”

The next dispute was filed on 10/5/2023 with similar allegations to the first. According to Mendenhall’s defense, the client has a net worth of $6.5 million, with allegations of “losses and missed opportunity related to specific investments that go back five years.”  This client requests damages of $3,000,000, and the claim is currently “pending.”

In a customer dispute filed on 10/1/2019, a client “various legal claims related to recommendations to purchase and hold a particular security. The specific security and activity dates are not specified.” In this dispute, the client requested damages of $1,000,000, and the claim was settled for $200,000 to avoid the cost of litigation. Mendenhall did not contribute to the settlement.

In Mendenhall’s first customer dispute, dated 10/09/2001, the clients “allege breach of fiduciary duty, negligence, excessive trading, unsuitability, unauthorized trading of their accounts and failure to supervise.”  The client requested damages of $1,446,335.00, and the claim settled for $650,000. The firm settled the claim in mediation a month prior, with the agreement that Mendenhall be released from the claim because there was no “failure to supervise” involved.

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