Securities Broker David Paton Involved In Disputes From RBC Capital Markets Clients
The Financial Industry Regulatory Authority (“FINRA”) reveals troubling information in regard to securities broker David Kallman Paton (CRD#: 1746167, Woodbury, Minnesota). Notably, the securities broker, who worked for securities firm RBC Capital Markets LLC, is involved in three investor disputes – two involving RBC Capital Markets clients. Moreover, the firm disaffiliated with Paton for allegedly violating policy. Read on to learn more about these disclosures.
RBC Capital Markets Client Indicates Unsuitability In Dispute About David Paton
Evidently, a client of RBC Capital Markets disputed David Paton’s sales practices on June 25, 2020. Basically, the client indicated that Paton caused them to invest in unsuitable stocks. It seems that the client sustained losses on CGIX and SSYS positions that they maintained from 2014 to 2020. However, RBC Capital Markets denied this complaint in June 2020.
Client Of RBC Capital Markets Alleges Overly Risky OTC Equity Transaction
Additionally, in December 2017, an RBC Capital Markets client expressed displeasure with David Paton’s trading or recommendations. It appears that an unsuitable purchase of an equity resulted in damages. That equity seemingly contained too much risk relative to the client’s risk tolerance. Not only that, but it seems that the client maintained too large of a position in the equity. Because of this, RBC Capital Markets opted to settle this suitability dispute through making a $10,000 payment to the client in 2018.
Prior Dispute About David Paton Contains Allegations Of Unsuitable Recommendations, Omissions
Years ago, a client of PaineWebber Incorporated— David Paton’s prior employer—brought a dispute about him. Specifically, the client contended that Paton’s trading was unsuitable for them due to their age and financial status. In addition, the securities broker purportedly told her to purchase risky stocks without telling them about the investment risks. To resolve the allegations of suitability and omissions, PaineWebber Incorporated paid the client $12,200.
RBC Capital Markets Discharges Paton
Reportedly, David Paton worked for RBC Capital Markets as both a financial advisor and securities broker. Notably, the firm parted ways with him in 2019 amid allegations of him violating its order execution policy. Now, Paton works for Oak Ridge Financial Services Group.
Did You Sustain Damages By Investing Through David Paton?
Did David Paton cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your 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 incurred losses because of their financial advisors and securities brokers. Please note that Paton denies all allegations of his sales practice violations.