October 2018- Tarkio, Missouri
The FINRA records of David R. Colflesh , a former stock broker who is not currently registered and who was last employed by NYLife Securities , disclose a regulatory suspension and 18 prior 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.
In October 2018 FINRA suspended Colflesh for 18 months and fined him over $34,000 to resolve allegations that he recommended non diversified mutual funds (in energy, oil and gas) to customers without having a reasonable basis for believing they were suitable, as he had not adequately educated himself about the funds. FINRA found that Colflesh knew his recommendations exceeded his firm’s limits on concentrations of risky stocks.
In 17 prior customer disputes NYLife paid cash settlements totaling about $750,000 to former customers of Colflesh who suffered losses on unsuitable mutual funds.
David Colflesh was employed by NYLife Securities from 9/1983-11/2016 and operates Colflesh Financial Services Inc. in Maryville, MO.
If you have losses in an account handled by David Colflesh , call for a no charge consultation to learn about your options for recovery of damages from NYLife Securities.
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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