Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions January 2021.”
David Todd Phillips (CRD #3094195, Gilbert, Arizona)
On November 18, 2020, FINRA issued an Acceptance, Waiver and Consent (AWC) in which David Todd Phillips was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for nine months, December 7, 2020 through September 6, 2021.
Without admitting or denying FINRA’s findings, David Todd Phillips consented to the sanctions and to the entry of findings that he allegedly participated in private securities transactions without prior disclosure to and approval from his member firm.
According to FINRA’s findings, David Todd Phillips allegedly solicited investors to purchase $876,636 in securities of a company that represented itself as a structured cash flow investment. FINRA states that Phillips received a total of $33,184 in commissions in connection with his sales of the company’s securities. However, the company ceased business, owing nearly $300 million in unpaid investor payments.
FINRA also stated that in an indictment, the United States charged the company and its owner with conspiracy to engage in mail and wire fraud related to its operations. David Todd Phillips then entered into a settlement agreement with a court-appointed receiver for the company, agreeing to repay $22,500 of the $33,184 in commissions that he received from his sales of the company’s securities.
(FINRA Case #2018060312301)
According to FINRA;s BrokerCheck, David Todd Phillips, has been registered in the securities industry for 19 years and there are 4 Disclosures on his FINRA CRD report. One of those disclosures is an “Employment Separation After Allegations,” where he was permitted to resign from Moloney Securities Co., Inc. in November of 2018 following allegations of, “Failure to follow policies and procedures with respect to outside business activity.”
In November of 2018, there was a “Customer Dispute” filed against David Todd Phillips following the allegations of, “Claimant alleges his investment in Future Income Payments, Inc. was misrepresented and improperly recommended.” The settlement amount was $90,000.00. There was another “Customer Dispute filed in October of 2020, following allegations of, “Claimants allege their investments in Future Income Payments, Inc. and annuities were misrepresented, improperly recommended, and unsuitable.” This dispute is still pending.
David Todd Phillips, according to BrokerCheck, has been registered with four firms, the most recent listed below:
11/20/2017 – 11/30/2018 MOLONEY SECURITIES CO, INC – GILBERT, AZ
02/26/2007 – 12/19/2017 PROEQUITIES INC – GILBERT, AZ
If you or a loved one have experienced financial losses due to the recommendations or actions of David Todd Phillips formerly with Moloney Securities and Proequities of Gilbert, Arizona, contact Soreide Law Group and speak to an experienced securities lawyer at no cost to you, regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.