David Todd Phillips (CRD#: 3094195, Gilbert, Arizona), is a prior securities broker for Moloney Securities Co., Inc. According to Financial Industry Regulatory Authority (“FINRA”) BrokerCheck, there are two disclosures about his alleged misconduct. Particularly, David Phillips was permitted to resign from employment after allegations of misconduct, and subject of a customer’s investment dispute.
David Phillips worked for Moloney Securities from November 20, 2017 to October 30, 2018. Apparently, Moloney Securities permitted him to resign for violating the firm’s procedures and policies. David Phillips supposedly engaged in outside business activities while he was registered with the firm. Critically, he either failed to disclose those activities to the firm or did not have authorization to engage in them. FINRA has, on many occasions, fined and suspended brokers for engaging in outside business activities.
David Phillips worked at ProEquities, Inc. (CRD#: 15708, Gilbert, Arizona) from April 20, 2004 to December 19, 2017. On October 29, 2018, a customer of ProEquities, Inc. filed a FINRA Arbitration #18-03377. Apparently, David Phillips misrepresented the customer’s investments in Future Income Payments, Inc. – a structured cash flow investment. Additionally, David Phillips allegedly gave the customer bad advice about Future Income Payments, Inc. investments. Because of this, the customer demanded $106,368.37 in damages.
Principally, brokers have a duty to be fair and ethical when it comes to making investment recommendations. FINRA Rules mandate that brokers have a reasonable basis to believe that the securities recommended to a customer are suitable. Further, under FINRA rules, brokers cannot making omissions or untrue representations of important investment information.
Suffered losses by investing with David Phillips? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represent clients on a contingency fee basis and advance all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.
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