October 2019 – Auburn, CA
The FINRA records of Shawn Bruce Davis , a stockbroker who was last employed by Independent Financial Group , disclose 6 pending customer disputes and 2 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 August 2013, a Berthel Fisher & Company Financial Services customer filed FINRA case #13-02524 alleging that investments purchased from 2005 to 2008 were unsuitable and misrepresented by Davis. The case settled for $52,500.
In August of 2018, a customer of Berthel Fisher & Company Financial Services, WFG Investments, Inc. , and Independent Financial Group, filed FINRA case #18-02735 alleging that the investments they purchased in 2012 were unsuitable and misrepresented to them by the representative. The clients also allege the firm failed to conduct adequate due diligence and filed to supervise the representative. No monetary damages are stated and the case is pending.
In June of 2018, a WFG Investments customer filed FINRA case #18-02173 alleging investments, including REITs, were unsuitable. The damages sought are $560,000. The case is pending.
In April of 2018, a Berthel Fisher & Company Financial Services customer filed FINRA case #18-01268 alleging the investments they purchased between 2007 and 2011 were unsuitable and misrepresented to them by Davis. The clients also allege that the firm failed to supervise Davis and are seeking damages of $500,000.
In March of 2018, a Berthel Fisher & Company Financial Services and Royal Alliance Associates, Inc., customer filed FINRA case #18-01092 alleging the investments, including REITs and limited partnerships purchased between 2005- 2006 are unsuitable and were misrepresented by Davis. The claimants allege that the firm failed to supervise the actions of Davis and are seeking damages of $1,500,000.
In September of 2016, a Berthel Fisher & Company Financial Services customer filed FINRA case #16-02660 alleging the investments, including REITs and oil and gas securities. purchased 2005- 2010 are unsuitable and were misrepresented by Davis. Claimants allege that the firm failed to supervise Dais and are seeking damages are $800,000.
In September of 2017 a WFG Securities and Independent Financial Group customer filed FINRA case #17-02219 alleging that they were not fully informed of the risks associated with REIT offerings purchased from 2013 to 2015. No specific damages set forth in the claim.
Davis was employed by Independent Financial Group from February 2014 until May 2017, and with WFG Investments, Inc. from August 2012 until January 2014. Before that he was with Berthel Fisher & Company Financial Services and Royal Alliance Associates, Inc. Davis discloses business affiliations with Davis Financial Advisors, Uncommon Capital and Leads from the Vine in Roseville, CA.
If you have problems in an account handled by Shawn Bruce Davis call for a no charge consultation to learn more about your legal options.
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.
Rex Securities Law
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