David Krispeal Facing Churning Disputes

Investor Disputes Involving David Krispeal Allege Unauthorized, Excessive Trading

The Financial Industry Regulatory Authority (FINRA) reports important information that you should know in regard to securities broker Solomon David Krispeal (CRD#: 2735776, Hauppauge, NY). Notably, at least 8 investors filed disputes (complaints, FINRA Arbitration Claims) alleging that Krispeal engaged in sales practice violations including excessive trading and unauthorized trading. Let’s take a closer look at some of these disputes so that you are informed.

Legend Securities Client Takes Aim At David Krispeal

Evidently, a client of Legend Securities disputed David Krispeal’s sales practices in a February 2021 FINRA Arbitration Claim. First of all, the client alleged that Krispeal was churning their account. Secondly, Krispeal supposedly made unauthorized trades. The broker purportedly traded in violation of Arkansas Securities Act. Thirdly, the client alleged misrepresentation. Fourthly, Legend Securities is accused of breach of contract and breach of fiduciary duty. Finally, the securities firm supposedly failed to supervise Krispeal. For this reason, the client demanded $49,982 in damages to resolve this ongoing matter.

Client Of PHX Financial Alleges Unsuitable Stocks, Options

It appears that a client of PHX Financial brought a FINRA Arbitration Claim in June 2020 to contest David Krispeal’s sales practices. Specifically, the client alleged that Krispeal sold unsuitable over-the-counter equities, stocks and options. It seems that the client sustained losses because of unsuitable trading. For this reason, PHX Financial was asked by the client to pay $650,000 in damages to resolve this matter.

FINRA Suspends David Krispeal In 2017 For Failure To Report Client Disputes

Notably, FINRA issued David Krispeal a suspension and fine to resolve allegations that Krispeal did not disclose a securities arbitration. It appears that this securities arbitration alleged that the broker engaged in one or more sales practice violations. This concerns Krispeal’s actions when he worked for John Thomas Financial. The securities broker satisfied his suspension in March 2017.

John Thomas Financial Client Alleges That Krispeal Made Unauthorized, Unsuitable Trades

It appears that other investors brought disputes about David Krispeal. For instance, a client of John Thomas Financial brought a FINRA Arbitration Claim about Krispeal’s stock trading. Primarily, the client alleged that the securities broker made unauthorized transactions. Not only that, but the client alleged that the broker made excessive and unsuitable trades. For this reason, John Thomas Financial opted to settle the matter by paying the client.

Client Of John Thomas Alleges That David Krispeal Churned Account

Notably, a second John Thomas Financial client disputed David Krispeal’s sales practices. Allegedly, Krispeal made unsuitable recommendations to the client. In addition, the broker supposedly excessively traded or churned their account. Finally, the client contended that the broker misrepresented information about private placements. Supposedly, the client lost money on OTC equities, stocks and ETFs. However, the client withdrew this matter.

Did You Experience Losses From Krispeal?

Have you sustained losses because of securities broker David Krispeal? If you have, touch base with Soreide Law Group by calling (888) 760-6552. Speak with our securities attorney about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have been harmed by financial advisors and securities brokers. FINRA BrokerCheck indicates that Krispeal denies all allegations of his sales practice violations.
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