Unsuitable Mutual Fund Switching Leads to Fine/Suspension for Stuart, FL, Stock Broker

Unsuitable Mutual Fund Switching Leads to Fine/Suspension for Stuart, FL, Stock Broker

Unsuitable Mutual Fund Switching Leads to Fine/Suspension for Stuart, FL, Stock Broker 150 150 Robert Rex, Esq.

January 6, 2016- Stuart, Florida

Jeffrey Davidson entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that while associated with American Portfolio Financial Services in Stuart, FL,  he recommended 49 unsuitable mutual fund switch transactions in 12 customer accounts.

According to the AWC one of the customers involved was 97 years old. Five other customers were 65 years of age or older. All the purchases involved A shares which  Davidson recommended be sold within less than a year of purchase.

Class A shares generally have significant up front costs and are designed to be held long term.

AWC No.  20130394827-02

Davidson  was fined $10,000 and suspended from association with any FINRA member in any and all capacities for three months.

According to FINRA records Davidson has been registered with American Portfolios Financial Services since 1/2009.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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