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FINRA Suspends Brentwood, Tennessee Financial Advisor David Antypas

FINRA, the Financial Industry Regulatory Authority, has suspended David Antypas (CRD #: 2603488), a financial advisor from Brentwood, Tennessee who was most recently registered with IFS Securities.

David Antypas worked for six firms throughout his 23-year career, including:

  • LPL Financial LLC (CRD# 6413)
  • IFS Securities  (CRD#: 40375)
  • CFD Investments, Inc. (CRD#: 25427)
  • Sandlapper Securities, LLC (CRD#: 137906)
  • Raymond James Financial Services, Inc. (CRD#: 6694)
  • Edward Jones (CRD#: 250).

According to his BrokerCheck reported accessed July 23, 2019, David Antypas has six disclosures.

David AntypasOn July 1, 2019, FINRA suspended David Antypas for two years, from July 1, 2019 to June 30, 2021. David Antypas “consented to the sanction and to the entry of findings that he recommended that an elderly customer name his wife and subsequently his sister as sole beneficiaries on the customer’s transfer on death and variable annuity accounts, in contravention of, and in an effort to circumvent, his member firm’s policies,” according to the details of his BrokerCheck report.

This is not the only time David Antypas has been the subject of complaints or regulatory action.

On August 17, 2016, he was the subject of a customer dispute while working at LPL Financial. According to his BrokerCheck report accessed July 23, 2019, a customer alleged “that investments, REITs, annuities, and junk bonds were misrepresented and were unsuitable.” The customer requested $237,000 in damages, but according to a comment from David Antypas, the firm denied the allegations.

December 6, 2017, LPL Financial terminated David Antypas because the “Firm discovered representative’s family members were listed as beneficiary on one customer account, in violation of Firm policy.” David Antypas maintains that he researched beneficiary rules and saw no mention of one’s sister qualifying as an “immediate family member.”

On February 7, 2018, the Tennessee Securities Division denied David Antypas’ application for registration as a broker, citing violations of T.C.A. § 48-1-112. The broker comment on David Antypas’ BrokerCheck report reads in part, “Based on LPL’s definitions, Antypas did not understand that his family members could not be listed as beneficiaries on his customer’s accounts. He researched the related person definition under new accounts in LPL’s system and did not see mention of spouses or sister(s) being immediate family members. He later discovered that the definitions under the firm’s beneficiary related rules were different than the new account rules. His family members were removed as beneficiaries of the accounts. Additionally, Antypas disclosed his assistant’s status to CFD multiple times.”

On April 19, 2018, David Antypas was “permitted to resign” from CFP Investments because he “employed an assistant at his branch location that retained an association with Financial Adviser’s prior firm.” He, however, maintains that he disclosed this information, stating, “my assistant status was disclosed twice. Once on a conference call that CFD investments recorded.”

David Antypas settled a customer dispute for $71,939.98, though the former client, who filed the claim on August 27, 2018, was seeking $400,000 in damages. According to David Antypas’ BrokerCheck report, the “[c]ustomer’s personal representative allege[d] unauthorized beneficiary designation change and excessive fees.”

If David Antypas was your broker, don’t be afraid to come forward with your questions or concerns. Don’t hesitate to reach out to the experienced securities attorneys of Fitapelli Kurta. Call (877) 238-4175 for your free consultation or email info@fkesq.com.

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