UPDATE November 2016-Wellington, FL —FINRA permanently barred David Michael Levy finding that the trading activity in all of the customer accounts at issue was excessive and inconsistent with the customer’s financial circumstances and investment objectives. He was also fined $150,000.
Original Post July 2016-Wellington, Florida
The FINRA records of David Michael Levy , a former stock broker who was last employed by TItus Rockefeller , disclose a pending regulatory event, two prior final regulatory events, 9 prior customer disputes and 2 currently pending customer disputes.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Levy’s FINRA disclosure reports that he is named in a FINRA complaint alleging that he, with his then member firm Newport Coast Securities and other firm representatives excessively traded and churned customer accounts. FINRA alleges that Levy engaged in a deceptive and manipulative scheme by churning the accounts of customers and acted with the intent to defraud customer’s interests by seeking to maximize his own remuneration. Levy violated his obligation to conduct his activities in accordance with ethical standards by conditioning restitution offers upon customers’ refusal to cooperate with a FINRA investigation and by attempting to dissuade customers from testifying in the disciplinary hearing. FINRA Case# 2012030564701.
In September 2015, Levy was permanently barred from the securities industry by FINRA for failing to respond to a FINRA request for information. FINRA Case#2015044603301.
EIght of the prior customer disputes were settled with payments of monetary compensation.
In currently pending FINRA Case 14-03174 a Newport Coast Securities customer alleges damages of $60,000 for churning the account.
Levy was employed by TItus Rockefeller since 1/2013-3/2015, with IFS Securities from 7/2012-12/2012 and with Newport Coast Securities from 7/2008-8/2012.
Investors who suffered losses in an account handled by David M. Levy, may be entitled to recover damages through FINRA arbitration.
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.
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