Januray 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.
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