FINRA Investigates Whether Westpark Capital’s Harry Datys Sold Unsuitable And Misrepresented Investments

Soreide Law Group is reviewing potential lawsuits on behalf of investors against securities broker Harry Datys (CRD#: 1877750, New York, New York). Apparently, Financial Industry Regulatory Authority (“FINRA”) recommends disciplinary action against the securities broker, who worked for Westpark Capital from June 10, 2005 to January 10, 2020. Not only that, but a slew of clients brought lawsuits which indicate that Datys made excessive and unsuitable trades. Here’s more on these disclosures.

FINRA Might Discipline Harry Datys For Misrepresentation

Evidently, the financial industry watchdog reported on December 20, 2019 that it might go after Harry Datys for violating federal securities laws and FINRA rules. Namely, the securities broker possibly violated securities laws through misrepresentations and omissions in connection with Westpark Capital Financial Services (WPCFS) offerings.

Supposedly, Datys failed to tell clients about features, benefits, risks, or other information in connection with the offerings. Not only that, but FINRA might take disciplinary action against Datys for making bad recommendations. Notably, Datys might have overlooked clients’ risk tolerances, objectives, financial needs, among other things. Apparently, FINRA’s investigation is ongoing.

Moreover, Harry Datys has a number of regulatory infractions on his record. For instance, New Jersey Bureau of Securities issued a fine to Datys for doing business without registration. Also, Colorado Division of Securities denied Datys’s registration amid allegations of his unlicensed offer and sale of securities.

Westpark Capital Settles Client’s Lawsuit Indicating Datys Made Excessive Trades

Apparently, a client of Westpark Capital brought a FINRA Arbitration Claim in February 2017 to contest Harry Datys’s actions. Apparently, Datys made excessive and unsuitable trades. Not only that, but the client alleged that there was no diversification in his account. Also, Datys supposedly lied to the client or made misleading statements. Evidently, the securities firm entered into a settlement with the client in April 2018.

Harry Datys Supposedly Breaches Fiduciary Duty, Acts Negligently

Moreover, a client of Westpark Capital took aim at Datys upon bringing a lawsuit in April 2016. Supposedly, Harry Datys and Westpark were negligent in a private offering. It appears that Datys breached a fiduciary duty to the client, placing his interests before the client’s interests. In addition, the client indicated that the private placements did not match the client’s investment profile and were unsuitable. Finally, Westpark Capital supposedly failed to supervise Datys’s recommendation or sale of the private offering. For this reason, Westpark Capital paid the client $50,000 to settle the matter in August 2017.

Did Datys Sell You Bad Investments?

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Have you experienced losses by investing with broker Harry Datys? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of financial advisors and securities brokers like Datys.