David Page (SW Financial) The Focus Of SEC Enforcement Action Alleging Unsuitable Trading

SEC filed a civil action against securities broker David Hilton Page [CRD: 2874899, New York, New York], according to public disclosures. Evidently, David Page worked for Spartan Capital Securities LLC from May 19, 2023, to July 31, 2023, and at SW Financial from August 6, 2018, to May 11, 2023. Keep reading to find out more about David Page’s disclosures and what they may mean for investors.

SEC Charged Page With Excessive Trading

On September 28, 2023, the U.S. Securities and Exchange Commission filed a case in federal court against David Page and several other brokers. The SEC says that while working at SW Financial, Page and others carried out a high-frequency trading strategy in investor accounts from 2018 through 2022. According to the complaint, this activity created heavy commissions and fees that made it nearly impossible for clients to make a profit.

The SEC alleges that more than 2,000 trades were placed in client accounts, producing over $1 million in losses for clients while generating more than $660,000 in commissions for the brokers and the firm. Regulators claim Page and his colleagues did not have a reasonable basis for recommending these trades and ignored the costs to their clients. The SEC also states that they violated Regulation Best Interest by putting their own financial interests ahead of their clients. The case is still pending in court.

SW Financial Investor Accused David Page Of Breach Of Fiduciary Duty

A client of SW Financial filed FINRA Arbitration No. 23-01389 against David Page. The client alleged that Page breached his fiduciary duty, acted negligently, and failed to properly supervise. On July 16, 2024, a FINRA arbitration panel decided in favor of the client, ordering Page to pay $135,000 in damages plus interest. As of September 9, 2024, the award had not been paid.

SW Financial Investor Accused Page Of Unauthorized Trading, Negligence

Evidently, on April 19, 2023, a Salomon Whitney LLC client filed FINRA Arbitration No. 23-01055 about David Page. Allegedly, Page breached his fiduciary duty, failed to supervise, made misrepresentations, engaged in unauthorized trading, omitted material facts, and was negligent in his sales practices. Therefore, the client requested $968,793.99 in compensation from Salomon Whitney LLC (SW Financial) or Page. Supposedly, this claim awaits a resolution.

David Page Disclosed Breach Of Contract Allegations By John Thomas Financial Client

Also, a client of John Thomas Financial contested David Page’s sales practices by bringing FINRA Arbitration No. 13-02763. Allegedly, Page breached his fiduciary duty, made unsuitable recommendations, breached a contract, and was negligent. For this reason, FINRA Arbitrators issued an Award dated January 2, 2015, compelling John Thomas Financial to compensate the client in the amount of $500,000.00 plus interest.

Seeking More Information About Securities Broker Page?

Do you have concerns or questions regarding investments you made with David Page? You can get in touch with Soreide Law Group at (888) 760-6552 or online and talk to a securities lawyer concerning a potential recovery of your investment losses. For years, For over a decade, Soreide Law Group has recovered losses for investors throughout the US. Also, the firm takes cases on a contingency fee basis and advances all costs. Page and brokerage firms Page worked for deny allegations made against them.