David Martirosian Barred, Facing Investor Disputes

FINRA Bars Securities Broker David Martirosian Following Investigation

The Financial Industry Regulatory Authority (“FINRA”) disclosed that it barred (expelled) David Martin Martirosian (CRD#: 5261144, New York, New York). Namely, the securities broker, who worked for Joseph Stone Capital from July 2016 to April 2021, and who worked for firms who FINRA expelled, agreed to a bar as securities broker following a FINRA investigation. Not only that, but Martirosian is involved in three investor disputes. Here’s more on the allegations against him.

FINRA Bars David Martirosian For Allegedly Not Complying With Its Investigation

Evidently, in April 2021, David Martirosian agreed to an indefinite bar as securities broker. This is to resolve allegations that he refused to answer FINRA’s requests while under investigation for possible securities rules violations. Specifically, FINRA asked for Martirosian to explain or respond to allegations of his possible excessive trading. The financial industry watchdog tried to determine if the securities broker violated suitability rules. In addition, FINRA wanted the securities broker to deliver information or documents to them in regard to his possible private securities transactions.
Normally, when a securities broker does not comply with FINRA’s requests during an investigation, they face serious sanctions. This could include a bar, precluding them from taking a job at a securities firm who is a member of FINRA (most securities firms in the United States). Evidently, David Martirosian refused to answer FINRA’s requests, so he faced those sanctions. Martirosian’s bar became effective April 26, 2021.

Joseph Stone Capital Client Alleges Miscommunication In Dispute About Martirosian

Notably, in a November 2017 dispute from a Joseph Stone Capital LLC client, David Martirosian is accused of miscommunicating a transaction which resulted in a trade error. Specifically, the client believed that they would purchase shares at a particular price. Allegedly, Martirosian did not enable the client to get that price. It appears that the client received $39,077.15 to resolve this matter.

Former Disputes About David Martirosian From John Thomas Financial, Legend Securities Clients

It appears that a Legend Securities client alleged unauthorized trading by David Martirosian. The June 2015 dispute contains allegations of unauthorized equity transactions that resulted in damages. Also, in a John Thomas Financial client’s dispute, they allege that Martirosian unreasonably handled their account. The client particularly voiced concerns about commissions and fees on their equity transactions. However, the securities firms denied these investors’ disputes.

Did You Incur Losses From Martirosian?

Apparently, securities broker David Martirosian denies accusations of committing sales practice violations. Have you suffered losses because of this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 investors who have experienced losses because of their securities brokers and financial advisors.
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