DAVID SILBERG Sanctioned By Massachusetts Regulator

Evidently, Massachusetts Securities Division issued a Consent Order on September 27, 2018, placing securities broker David Silberg (CRD#: 1970484, Melville, New York) on heightened supervision. The Division prohibited Silberg, who affiliated with Aegis Capital Corp. between 2010 and 2019, from soliciting investment purchases from clients for 5 years. Not only that, but the Division stated that Silberg is not even allowed to meet with Massachusetts investors for 5 years.

The Massachusetts Securities Division noticed that five clients disputed David Silberg’s sales practices. Those clients suggested that Silberg engaged in forgery and lied to them about life insurance policy costs. Silberg supposedly falsified information to another client about selling an annuity. Moreover, the Division alleged that Silberg made unauthorized and unsuitable trades. Finally, the Division noted Silberg’s disciplinary history as a factor in sanctioning him.

FINRA Arbitration Claim Suggests David Silberg Made Bad Recommendations To Aegis Client

Evidently, a client of Aegis Capital Corp. filed FINRA Arbitration #: 16-01779 on August 30, 2016. First of all, the client says that from 2013 to 2016, David Silberg made bad investment recommendations. Supposedly, Silberg asked the client to buy corporate debt investments which were not reasonable for his risk tolerance or goals. Secondly, the client suggested that Silberg omitted and misrepresented facts about corporate debt investments. Because of this, the client supposedly purchased an investment that he would not have if informed about all the features and risks. As a result, Aegis agreed on May 30, 2017 to pay the client $29,750 to settle this matter.

Prior Disputes Suggest Silberg Made Unauthorized Trades

Also, David Silberg discloses disputes brought by Kirlin Securities and GunnAllen Financial clients. Allegedly, Silberg misrepresented information about the client’s sale of an annuity and use of proceeds for mutual fund purchases. However, that matter closed without resolution. Later, a GunnAllen Financial client claimed that Silberg made unauthorized and unsuitable stock trades. Indeed, GunnAllen settled that dispute by paying the client $50,000.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with securities broker David Silberg? 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 represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.