FINRA Sanctions Broker David Fleming For Not Paying Customer Arbitration Award

Investor Alert! FINRA reports alarming information in regard to securities broker David Wilson Fleming Jr. [CRD#: 1021968, White Plains, New York]. Notably, FINRA suspended Wilson twice. In addition, at least two investors raised serious concerns about the securities broker, who most recently worked for Stifel, Nicolaus & Company, Incorporated (“Stifel Nicolaus”). In sum, these disclosures suggest that Fleming violated his fiduciary responsibility to clients and failed to comply with a FINRA Arbitration Award. Here’s more:

FINRA Suspends Fleming For Failure To Pay Award

Evidently, FINRA suspended David Fleming on November 25, 2019. Allegedly, Fleming failed to comply with paying a client compensatory damages pursuant to an Award issued in FINRA Arbitration #: 17-01369 (explained below). It appears that FINRA indefinitely suspended Fleming until he makes payment or is no longer responsible.

David Fleming Liable For Client’s Unsuitable Investments In Walker Energy Inc. And Other Stocks

Apparently, a client of Fleming’s who held accounts at Deutsche Bank Securities , Sterne Agee Leach and Stifel Nicolaus filed FINRA Arbitration #: 17-01369. First of all, the client contended that Fleming made unsuitable purchases or sales of Walker Energy Inc. and other equities. Secondly, the securities broker seemingly falsified information about risks of investments and had concealed information from the client too. Thirdly, Fleming purportedly failed to comply with his fiduciary responsibility to the client. Fourthly, the securities broker allegedly acted negligently and violated FINRA rules. Consequently, on July 18, 2019, a FINRA Arbitration Panel ordered the broker to pay $728,000 in compensatory damages and $20,000 for unpaid loans.

FINRA Suspends Fleming For Borrowing From Client

Also, on July 18, 2019, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2017054847101 sanctioning David Fleming. Evidently, the financial industry watchdog issued him a 3-month suspension and a $5,000 fine for violating FINRA Rule 3240. It appears that Fleming was not allowed to borrow $35,000 from a client according to Deutsche Bank’s policies. That did not stop him. Evidently, the broker was suspended from August 5, 2019 to November 4, 2019.

Did David Fleming Sell You Bad Investments?

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