Brian Test-Avantax Investment Services Broker-Discloses Regulatory Event and a Termination from Employment- Frisco, TX

Brian Test-Avantax Investment Services Broker-Discloses Regulatory Event and a Termination from Employment- Frisco, TX

Brian Test-Avantax Investment Services Broker-Discloses Regulatory Event and a Termination from Employment- Frisco, TX 150 150 ER

Brian Test Investigation

March 2022-Frisco, TX

The FINRA records of Brian Test ,  a  broker currently employed by Avantax Investment Services, Inc. , disclose a regulatory matter, a final customer dispute, and a termination from employment.

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.

A FINRA investigation disclosed that Test consented to the sanctions and to the entry of findings that he forged customer initials and falsified customer documents.   The findings stated that Test met certain customers to transfer their assets to a mutual fund sold through his member firm and provided the customers with new account documents to complete and sign.   After the customers had signed the new account documents, Test realized that some customers had not checked certain boxes on their new account documents related to the rationale for the transactions.   Without the customers’ prior permission, Test checked the applicable boxes on new account documents that had previously signed by the customer and the signed customers’ initials next to the boxes he had checked.  The findings also stated that by forging and falsifying documents, Test caused the firm to maintain inaccurate books and records.  Sanctions were two months suspension and $5,000 penalties.

In 11/2021, a Northwestern Mutual Investment Services customer alleged that Test did not inform her at the time she had purchased a municipal bond fund that he recommended, that she would be assessed contingent deferred sales charges if she sold shares of the bond fund within 18 months of purchase.   The client alleged she thought the investment was liquid, as she requested.   When she sold shares of the bond fund within 18 months of purchase, she was assessed contingent deferred sales charges.    The case settled for $18,221 which was paid 100% by Test.

In 7/2021, Test was permitted to resign from NW Mutual Investment Services while under internal review for allegedly placing clients’ initials on Investment Account Transaction Analysis forms.    Test admitted that he had placed the client’s initials on the Forms.

Test was employed with Northwestern Mutual Investment Services from 1/2009 until he terminated in 7/2021. Test has been employed by Avantax Investment Services, Inc. since 10/2021. He discloses business affiliations with Phoenix Retirement Services and Avantax Insurance Agency in Frisco, Texas.

If you have losses in an account handled by David Brian Test call to learn how you may be entitled to collect 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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Rex Securities Law

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