Robert David (CRD#: 5211223), a former registered representative with Morgan Stanley (CRD#: 149777) in Farmington Hills, Michigan, was recently the subject of a customer dispute over suitability, according to his BrokerCheck record accessed on April 27, 2020. While this matter has been settled, Robert David’s BrokerCheck record lists several other pending customer complaints.
On March 14, 2020, a customer alleged that, among other allegations, Robert David recommended unsuitable investments from April 2015 to March 2019. When brokers recommend unsuitable investments, they fail to take into account a multitude of factors that can influence a customer’s investment strategy. These factors include a customer’s age, risk tolerance, need for liquidity, and short-term and long-term financial goals. This matter was ultimately settled.
This recently settled dispute is far from the only disclosure on Robert David’s BrokerCheck record. On March 5, 2019, Robert David was terminated from MSSB. What happened? The firm found that he entered inaccurate client profile information regarding bond transactions. The firm also found that certain transactions were not confirmed immediately beforehand, which is a violation of SEC and FINRA rules.
On May 23, 2019, Robert David became involved in a customer dispute in which a client alleged that he engaged in unauthorized trading from March 2017 to March 2019. The client is seeking $800,000. One week later, on May 31, 2019, Robert David became involved in a second pending customer dispute. This time, a client alleged, among other things, that Robert David engaged in unauthorized trading from October 2010 to May 2019. The client is seeking $800,000 in damages.
Over his 12-year career in the securities industry, Robert David has worked for two brokerage firms. In addition to Morgan Stanley (CRD#: 149777) in Farmington Hills, Michigan, he has also worked for Citigroup Global Markets, Inc. (CRD#: 7059). Robert David has passed the Series 65 – Uniform Investment Adviser Law Examination, the Series 66 – Uniform Combined State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 31 – Futures Managed Funds Examination, and the Series 7 – General Securities Representative Examination.
If Robert David was your broker and you have concerns about your investments, don’t hesitate to contact a securities attorney to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with the securities attorneys of Fitapelli Kurta.