David Stevens Barred By FINRA Over Actions At Park Avenue

The Financial Industry Regulatory Authority (FINRA) contains important information regarding securities broker David Michael Stevens (CRD#: 2830472, La Jolla, California). Evidently, Stevens worked for securities firms Northwestern Mutual Investment Services (2011 to 2013), MML Investors Services (2014 to 2015), and Park Avenue Securities LLC (2015 to 2020). It seems that FINRA barred Stevens as a securities broker. Not only that, but at least two investors disputed Stevens's sales practices, and three employers disaffiliated with him for alleged misconduct. While the broker denies all the allegations against him, here's a closer look at the disclosures.

FINRA Bars David Stevens For Allegedly Submitting False Life Insurance Applications

Evidently, FINRA barred David Stevens in March 2022 to resolve allegations that Stevens provided false letters concerning clients' purchases of life insurance. Evidently, Stevens submitted life insurance applications as well as applications for policy loans. He purportedly provided letters to Park Avenue Securities in support of the clients' purchases, and those letters aimed to justify why the clients were purchasing the policies and taking out loans. Stevens made it seem as though a client's attorney and accountant prepared the letters, but it was he who created the letters. For this reason, FINRA states that Stevens violated its rules and is no longer allowed to associate with any FINRA member firms.

David Stevens' Park Avenue Securities Client Alleges Forgery On Life Insurance Documents

Evidently, David Stevens's client at Park Avenue Securities brought a dispute about him in January 2021. This written complaint mainly alleges that Stevens forged the client's signature on life insurance documents. Because of this, an insurance company issued policies without the client's approval. For this reason, Park Avenue Securities LLC paid $1,180,000.00 to the client to settle this matter in September 2021.

Client Of MML Investors Services Alleges Forgery By Broker

Also, a client of MML Investors Services LLC came forward in July 2015 with a complaint about David Stevens's alleged forgery. Supposedly, the broker forged signatures on life insurance forms, resulting in damages. However, MML Investors Services denied the allegations.

Employers Disaffiliate With David Stevens For Allegations

Evidently, Park Avenue Securities LLC "discharged" David Stevens in October 2020. Supposedly, Guardian Life Insurance Company, which is Park Avenue Securities' parent company, detected unauthorized transactions and bad signatures concerning life insurance policies Stevens was responsible for servicing. Also, in 2015, MML Investors Services "discharged" Stevens for allegedly improper business practices and for a client complaint. Moreover, back in 1999, Multi Financial Services permitted Stevens to resign because of Stevens's purported failure to address the supervisor's procedures and requests.

Did You Sustain Damages Through Stevens?

Did David Stevens cause you to experience damages from sales practice violations? You could touch base with Soreide Law Group at (888) 760-6552 and speak with a securities attorney about possibly recovering your losses. Soreide Law Group takes clients' cases on a contingency fee arrangement and advances all costs. The firm has recovered compensation for many US investors that incurred losses because of their financial advisors or securities brokers. Please note that Stevens denies the allegations of improper sales practices.