Did you lose money investing with David Stevens (CRD# 2830472)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with David Stevens. If you suffered losses investing with David Stevens, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 11, 2023, David Stevens’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Customer Disputes
1 Regulatory Event
3 Employment Separation After Allegations
1 Criminal Disclosure
1 Financial Disclosure
1 Judgment(s)/Lien
March 21, 2022 – An AWC was issued in which Stevens was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Stevens consented to the sanction and to the entry of findings that he forged the signature of an estate attorney and an accountant without their authorization or consent. The findings stated that Stevens submitted multiple life insurance applications for a customer, worth $23,950,000, and submitted applications for multiple loans on the policies, totaling approximately $1,000,000. When questioned by his member firm about the customer’s policies and loans, Stevens submitted two letters regarding the customer’s reasons for taking out the policies and loans, one purportedly from the customer’s estate attorney and the other purportedly from the customer’s accountant. Neither letter was genuine, but rather, Stevens created and falsified both letters prior to submitting them to the firm. (FINRA Case #2020068606301)
Current and Previous Registrations
11/13/2015 – 11/10/2020 PARK AVENUE SECURITIES LLC (CRD#:46173) LA JOLLA, CA
05/06/2014 – 10/08/2015 MML INVESTORS SERVICES, LLC (CRD#:10409) LA JOLLA, CA
04/26/2011 – 12/31/2013 NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC (CRD#:2881) NEWPORT BEACH, CA
09/16/2004 – 11/01/2006 MML INVESTORS SERVICES, INC. (CRD#:10409) LA JOLLA, CA
12/15/2000 – 08/23/2004 NATIONAL PLANNING CORPORATION (CRD#:29604) LOS ANGELES, CA
07/29/1999 – 09/03/1999 MULTI-FINANCIAL SECURITIES CORPORATION (CRD#:10299) GREENWOOD VILLAGE, CO
10/28/1998 – 07/29/1999 LEGACY FINANCIAL SERVICES, INC. (CRD#:38697) PETALUMA, CA
02/06/1997 – 09/21/1998 ASCEND FINANCIAL SERVICES, INC. (CRD#:15296) ST. PAUL, MN
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with David Stevens and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
