FINRA Fines and Suspends Broker for Borrowing $400K Clients' Money

The Soreide Law Group, PLLC, (888) 760-6552, has obtained he following information on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

David Albert Urovsky (CRD #1806732, Registered Principal, Rockville, Maryland)

was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. FINRA took into account the sanctions imposed by the Maryland Securities Commissioner against Urovsky for the same conduct. Without admitting or denying the findings, Urovsky consented to the described sanctions and to the entry of findings that he borrowed a total of $400,500 from his member firm customers, and did not seek or obtain the firm’s approval before entering into the loans.

FINRA's findings stated that Urovsky paid off the loans except for one of them for which another registered representative of the firm, who was a co-signer on the original note, assumed full responsibility for repayment of the remaining debt to the customer.

These FINRA findings also stated that Urovsky used $350,500 from the loans to acquire financial advisory practices from departing firm colleagues. The firm knew about Urovsky’s intention to purchase those practices, but not the loans he obtained from firm customers. Urovsky used $50,000 from the loans for personal expenditures.

The suspension is in effect from August 1, 2013, through August 31, 2013. (FINRA Case #2011028731401)

David Albert Urovsky was previously registered with FINRA at the following brokerage firms:

RAYMOND JAMES FINANCIAL SERVICES, INC.
CRD# 6694
PONTE VERDA BEACH, FL
09/2002 - 08/2011

H. BECK, INC.
CRD# 1763
BETHESDA, MD
02/1995 - 09/2002

CALVERT SECURITIES CORPORATION
CRD# 14035
BETHESDA, MD
08/1993 - 12/1994

This ends the information obtained from FINRA's website.

Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.

The Soreide Law Group, PLLC, (888) 760-6552, has obtained he following information on FINRA’s website under “Disciplinary and Other FINRA Actions, August, 2013.”

David Albert Urovsky (CRD #1806732, Registered Principal, Rockville, Maryland)

was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. FINRA took into account the sanctions imposed by the Maryland Securities Commissioner against Urovsky for the same conduct. Without admitting or denying the findings, Urovsky consented to the described sanctions and to the entry of findings that he borrowed a total of $400,500 from his member firm customers, and did not seek or obtain the firm’s approval before entering into the loans.

FINRA's findings stated that Urovsky paid off the loans except for one of them for which another registered representative of the firm, who was a co-signer on the original note, assumed full responsibility for repayment of the remaining debt to the customer.

These FINRA findings also stated that Urovsky used $350,500 from the loans to acquire financial advisory practices from departing firm colleagues. The firm knew about Urovsky’s intention to purchase those practices, but not the loans he obtained from firm customers. Urovsky used $50,000 from the loans for personal expenditures.

The suspension is in effect from August 1, 2013, through August 31, 2013. (FINRA Case #2011028731401)

David Albert Urovsky was previously registered with FINRA at the following brokerage firms:

RAYMOND JAMES FINANCIAL SERVICES, INC.
CRD# 6694
PONTE VERDA BEACH, FL
09/2002 - 08/2011

H. BECK, INC.
CRD# 1763
BETHESDA, MD
02/1995 - 09/2002

CALVERT SECURITIES CORPORATION
CRD# 14035
BETHESDA, MD
08/1993 - 12/1994

This ends the information obtained from FINRA's website.

Call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.