David Volpe Expelled By FINRA, Involved In Dispute

Investor Files Dispute About Barred Broker David Volpe

Soreide Law Group is evaluating possible investor claims against securities broker David John Volpe (CRD#: 2543478, Scottsdale, Arizona). Evidently, the securities broker last worked for First Financial Equity Corporation (2019). He also worked for LPL Financial LLC (2017 to 2018) and National Planning Corporation (2009 to 2017). Critically, an investor filed a dispute about Volpe alleging conversion, and FINRA expelled him as a securities broker. Here’s more about these disclosures.

Investor Alleges David Volpe Converted Their Funds When He Worked For First Financial, LPL Financial

First of all, an investor filed a FINRA Arbitration Claim in August of 2020 in regard to David Volpe. Specifically, the client contended that when Volpe worked for National Planning Corporation, LPL Financial LLC, and First Financial Equity Corporation, he reportedly converted the client’s funds. Similar to theft or misappropriation, conversion basically involves a securities broker using an investor’s funds without their permission. It appears that Volpe liquidated their accounts to use their money for his own reasons. He purportedly asked the client to write him personal checks too. Evidently, this dispute awaits a resolution.

FINRA Bars (Expels) Volpe For Failing To Provide Information, Documents In Investigation

Secondly, the Financial Industry Regulatory Authority (FINRA), who essentially regulates nearly all securities brokers in the United States, moved to expel David Volpe in August 2019. Evidently, Volpe faced scrutiny from FINRA in regard to possible private securities transactions and client loans. In certain situations, it is a violation of FINRA rules for a securities broker to “sell away,” meaning to arrange a securities transaction away from their employing securities firm. Not only that, but securities brokers might also violate FINRA rules for borrowing from clients. The regulator sought information and documents from Volpe to see if he violated FINRA rules, but Volpe refused to oblige. Instead, he accepted to be indefinitely barred from associating with FINRA-member firms.

First Financial Equity Corporation, LPL Financial Disaffiliate With David Volpe

It appears that both First Financial Equity Corporation and LPL Financial discharged David Volpe, meaning that they terminated him for cause. In both cases, the securities firms alleged that he violated rules on private securities transactions. Moreover, LPL Financial claimed that Volpe engaged in “capital raising efforts,” while First Financial claimed that he borrowed client funds. It appears that he was terminated from LPL Financial in December 2018 and terminated from First Financial Equity Corporation in 2019.

Losses From Investing Through Volpe?

Apparently, David Volpe denies allegations of his sales practice violations. Have you incurred losses by investing with him? If so, touch base with Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. We have recovered millions for clients who have experienced losses because of their securities brokers and financial advisors.
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