DAVID J. ESCARCEGA (CRD# 4367584) was barred by FINRA recently for selling risky debt to his elderly clients. FINRA also fined Escarcea $52,270 which was the amount he made in commissions he charged his elderly clients, as much as 5% on the sales. Escarcega has been registered with the securities industry for fourteen years.
According to the Financial Industry Regulatory Authority Inc. (FINRA), David J. Escarcega allegedly made twelve unsuitable recommendations regarding debt instruments known as 'debentures' which are linked to the secondary market for life insurance policies. FINRA claims Escarcega made misleading statements to seven of his clients.
These debentures were issued by CWG Holdings Inc., between March 2012 and January 2013. CWG Holdings Inc. buys the life insurance policies with the aim of earning more in the benefits when the policy holders dies rather than what they spend to purchase them.
FINRA stated that the debentures were high-risk securities suitable only for investors with the financial resources who could afford to lose their entire investment. Escarcega’s twelve clients were not such investors. Eleven of the twelve were retired at the time they purchased the debentures, and nine of the twelve clients were older than 70. Of these twelve elderly clients, ten said their investment goals were balanced and conservative.
FINRA has continued their efforts against elder financial abuse.
David J. Escarcega, has been registered with the following firm since 03/2010:
CENTER STREET SECURITIES, INC.
16025 S 50TH STREET, #2108, PHOENIX, AZ 85044
Escarcega was previously registered with the following firms:
09/2008 - 01/2010 CHASE INVESTMENT SERVICES CORP. - GILBERT, AZ
09/2004 - 09/2008 LINCOLN FINANCIAL SECURITIES CORPORATION - CHANDLER, AZ
02/2003 - 08/2004 MONY SECURITIES CORPORATION - NEW YORK, NY
04/2002 - 02/2003 MML INVESTORS SERVICES, INC. - SPRINGFIELD, MA
If you or an elderly family member have been victims of elder financial abuse by a broker/financial advisor, call Soreide Law Group and speak to an attorney at no cost regarding the recovery of your investment at: 888-760-6552.
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