Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on April 28, 2016 indicate that former Texas-based SWS Financial Services broker/adviser David Lockey is the subject of a pending regulatory complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lockey (CRD# 3095863).
David Lockey has spent 12 years in the securities industry and was most recently registered with SWS Financial Services in Dallas, Texas (2012-2014). Previous registrations include Edward Jones in Plano, Texas (2009-2012); Chase Investment Services Corporation in Richardson, Texas (2005-2009); H&R Block Financial Advisors in Detroit, Michigan (2002-2005); and UBS Painewebber in Weehawken, New Jersey (2001-2002). He is currently not licensed with any state or firm.
According to his BrokerCheck report, David Lockey is the subject of one pending regulatory complaint and was discharged from his position at Edward Jones.
In March 2016, David Lockey was named respondent in a FINRA complaint alleging that he “recommended and engaged in a pattern of unsuitable short-term trading of open-end mutual funds (OMFs), closed-end funds (CEFs), and/or unit investment trusts (UITs) in the accounts of his member firm’s customers who had been his customers at his prior member firm.” According to FINRA, Mr. Lockey’s “improper trading activities in all of these customers’ accounts generated gross compensation of $75,729.88 for Lockey and his firm… while one customer had a small gain in his account, the remaining customers suffered collective trading losses totaling $15,699.38.” The investigation, which pertains to Mr. Lockey’s activities at SWS Financial Services, remains pending.
In 2012, David Lockey was terminated from his position at Edward Jones following allegations that he recommended “strategies involving short-term holds on long-term investments” and failed to “timely respond to trade-related inquiries from compliance.”
If you have complaints regarding or have lost money investing with David Lockey, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.