CENTAURUS FINANCIAL & DAVID BRUCE WHITE

Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against:

CENTAURUS FINANCIAL, INC. (Respondent)

The Claimants are retirees living in Florida.  The Claimants were introduced to CENTAURUS’ former broker, DAVID BRUCE WHITE on or about 2016 when they were living in Michigan. The lawsuit states that the Claimants were looking to generate a safe and stable income that was not correlated to the swings of the stock market through their retirement. On or about 2019, CENTAURUS, and their registered representative, DAVID BRUCE WHITE, allegedly recommended the Claimants invest $80,000 in GWG Holdings L bonds which the lawsuit alleges were presented to the Claimants as asset backed with little to no risk, preservation of principal, and steady income. The lawsuit alleges the Respondents presented GWG and their related investments as safe, secure and asset backed and did not mention that GWG was losing hundreds of millions of dollars in bad investments and was reliant upon new investor funds to stay afloat. On April 20^th, 2022, GWG Holdings filed Chapter 11 bankruptcy which could potentially wipe out a significant portion of Claimant’s principal. 

The lawsuit alleges negligence, and breach of fiduciary duty. According to the lawsuit, CENTAURUS and their former registered representative, DAVID BRUCE WHITE’s actions have caused damages to the Claimant of approximately $160,000.00.  DAVID BRUCE WHITE is not named in this lawsuit.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DAVID BRUCE WHITE has not been in the securities industry since 2020. White was in the securities industry for 34 years and was listed with 6 firms according to BrokerCheck.  White has 16 disclosures on his FINRA CRD report.  All 16 are “Customer Disputes.”  Some of the complaints are related in part to: breach of fiduciary duty, breach of contract, violations of state securities laws, misrepresentations, and unsuitability. The significance of White’s 16 customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, White’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.   

To discuss this article or any other securities related issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis, no fee to you if no recovery.