Soreide Law Group is considering whether to advance claims on behalf of investors against Thurston, Springer securities broker David Bolton (CRD#: 5038018, Bowling Green, Kentucky). According to FINRA BrokerCheck, 3 clients took issue with the securities broker, who FINRA essentially expelled in September 21, 2018 for unsuitable trading. Here is a closer look at Bolton’s disclosures, which collectively suggest that he sold unsuitable and misrepresented investments:
Thurston Springer Investor Alleges David Bolton’s Negligence With Annuities, Mutual Funds
Thurston Springer discloses that on July 9, 2019, a client disputed David Bolton’s sales practices. Allegedly, Bolton inappropriately bought and sold variable annuity products and mutual funds. Supposedly, Bolton lacked a reasonable basis for these annuity and mutual fund transactions, and they generated losses for the client. For this reason, the client demanded $24,770 in compensation in this ongoing matter.
Signator Clients Claim Bolton Made Bad Investment Recommendations
Previously, Bolton was a Signator One securities representative. FINRA BrokerCheck shows that two of David Bolton’s Signator clients filed disputes in 2016. Notably, the one client claimed that Bolton provided bad investment advice about variable annuities, insurance products and mutual funds. Allegedly, not only did Bolton make unsuitable recommendations to the client, but he supposedly gave poor advice to the client’s mother. In order to resolve these allegations, on March 30, 2017, Signator opted to pay the client $71,750.61.
Evidently, the second Signator client took issue with David Bolton’s equity trades. Supposedly, Bolton sold the client mutual funds and stocks that were inconsistent with the client’s age and risk tolerance. The client also argued that Bolton charged unreasonable sales load and commissions. However, this matter closed without resolution on February 26, 2018.
FINRA Bars David Bolton For Bad Advice
Pursuant to a Decision FINRA rendered August 24, 2018, David Bolton is barred for making unsuitable trades. Apparently, Bolton made unsuitable short-term trades of mutual funds in the accounts of a 101-year-old client. These types of transactions caused the client to incur unreasonable sales charges. FINRA mentioned that Bolton’s short-term trading was not consistent with the client’s investment horizon, and the sales charges offset or even outweighed any benefit relating to his strategy.
FINRA also determined that David Bolton’s purchase of 42 different mutual funds caused the other client to pay more in sales charges. Apparently, the client could have received discounts by making larger purchases in less fund families. Finally, the Decision reported that Bolton mismarked trading tickets, and improperly destroyed client suitability documentation.
Did you experience losses because of David Bolton? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.